A consultant preparing a manager-search report receives nonpublic holdings from one candidate, public composite data from another, and an invitation to a sporting event from the incumbent manager. The client has a strict written gift policy. In a 2024 review focused on misrepresentation of GIPS verification, the facts include one favorable return period, one operational constraint, and one client-specific reporting objective. The observation window is 18 months, the mandate size is USD 925 million, and the policy threshold under discussion is 50 bps. The committee memo is dated May 5, 2024. Which action is most appropriate?
