FROM: Don Pierce, Chief Investment Officer
SUBJECT: Investment Policy No. 016 (Disclosure of Placement Agent Fees, Gifts and Campaign Contributions)
RECOMMENDATION:
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Recommend that the Board approve and adopt updates to the Investment Policy No. 016 (Disclosure of Placement Agent Fees, Gifts and Campaign Contributions).
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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. 016 (Disclosure of Placement Agent Fees, Gifts and Campaign Contributions) was last reviewed in 2020.
Investment staff, NEPC, and our Legal department have conducted a review of Investment Policy No. 016 (Disclosure of Placement Agent Fees, Gifts and Campaign Contributions) and has found it consistent with current practice. However, NEPC recommends and Staff agrees that clarifying the Campaign Contribution limitation strengthens plan governance by not limiting the scope to SBCERA-elected officials. As a result, Staff is recommending renewal of Investment Policy No. 016 (Disclosure of Placement Agent Fees, Gifts and Campaign Contributions) with the proposed changes outlined in the redlined policy attached as Exhibit A.
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Prudent Fiscal Management
STAFF CONTACT:
Don Pierce
ATTACHMENTS:
Exhibit A: Investment Policy No. 016 (Disclosure of Placement Agent Fees, Gifts and Campaign Contributions) - redline