FROM: Barbara Hannah, Chief Counsel
SUBJECT: Investment Policy No. 008 (Securities and Antitrust Litigation Policy)
RECOMMENDATION:
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Approve updates to Investment Policy No. 008 (Securities and Antitrust Litigation).
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BACKGROUND:
General Policy No. 005 involves the periodic review of Board policies and indicates that the review shall be every three years.
On January 7, 2021, the Board approved substantive updates to the policy. After review of the policy, staff included a proposed provision that would allow for the use of an independent review at the discretion of Chief Counsel. Staff further determined that no additional substantiative changes are necessary.
COMMITTEE REVIEW:
This item was reviewed by the Investment Committee at its February 8, 2024, meeting. A discussion was held regarding the independent third-party analysis and the approach to requesting said service. The Committee members discussed and determined that in requesting the third-party analysis it should be at the discretion of Chief Counsel to retain said services. In order to reflect this change in the policy, it was suggested that the proposed Independent Analysis paragraph located on page 4 be deleted in its entirety, and in its place insert language in Section 2 to reflect that retention of an independent third-party analysis service shall be at the discretion of Chief Counsel.
With a 3-0 vote, the committee approved this item as amended to incorporate changes discussed during the meeting. The suggested changes are included in the enclosed redline version (Exhibit A) for full Board approval.
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Operational Excellence & Efficiency
STAFF CONTACT:
Barbara Hannah
ATTACHMENTS:
Exhibit A: Investment Policy No. 008 (Securities and Antitrust Litigation)