FROM: Stacey Barnier, Chief Human Resources Officer
SUBJECT: Public Employee Performance Evaluation: Chief Investment Officer
RECOMMENDATION:
title
PUBLIC EMPLOYEE PERFORMANCE EVALUATION: Chief Investment Officer.
body
BACKGROUND:
SBCERA’s Chief Investment Officer (CIO) is eligible for an incentive award, at the conclusion of each fiscal year, pursuant to his Incentive Award Agreement dated July 6, 2015, as updated June 4, 2026.
The incentive award shall not exceed 50% of base salary and is calculated based on metrics which were approved by the Board on June 4, 2026. Attached for your review are the calculations for the incentive award, except for the Board’s discretionary metric, which needs to be determined, up to 5% for the CIO.
The investment performance for FY 2025-26 was 9.20%, net of fees, which is reflected in the quantitative calculations for the Incentive Award (22% out of a possible 40%). The CEO has awarded 5% FY 2025-26, which is reflected in the calculations on Exhibit A.
Total award:
Don Pierce $109,091 (27%) plus Board discretionary:
1% $4,040 for a total incentive of $113,131
2% $8,081 for a total incentive of $117,172
3% $12,121 for a total incentive of $121,212
4% $16,162 for a total incentive of $125,253
5% $20,202 for a total incentive of $129,293
The Board may also use partial percentage points up to the full 5%.
The Board may discuss the CIO’s performance in Closed Session but must be in Open Session when making its deliberation and decision on this compensation element.
BUDGET IMPACT:
Costs for this item are included in the current year non-administrative, investment budget.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Quality Employer and Workplace
STAFF CONTACT:
Stacey Barnier
Amy McInerny
ATTACHMENTS:
Exhibit A: Incentive Award Calculation for Chief Investment Officer - Confidential