FROM: Don Pierce, Chief Investment Officer
SUBJECT: Investment Policy No. 005 (Securities Lending)
RECOMMENDATION:
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Approve and adopt updates to Investment Policy No. 005 (Securities Lending).
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BACKGROUND:
General Policy No. 005 involves the periodic review of Board Policies and indicates that the Investment Committee shall review investment policies every three years.
Investment Policy No. 005 (Securities Lending) was last reviewed in 2023.
Investment staff, NEPC, and our Legal department have conducted a review of Investment Policy No. 005 (Securities Lending), and has found it consistent with current practice. Staff is therefore recommending renewal of Investment Policy No. 005 (Securities Lending) without substantive change.
COMMITTEE REVIEW:
This item was reviewed by the Investment Committee at its July 9, 2026 meeting and recommends Board approval with a 4-0 vote.
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Prudent Fiscal Management
STAFF CONTACT:
Don Pierce
ATTACHMENTS:
Exhibit A: Investment Policy No. 005 (Securities Lending)