FROM: Don Pierce, Chief Investment Officer
SUBJECT: Approve updates to Investment Policy No. 013 (Fiduciary Duty of Investment Managers)
RECOMMENDATION:
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Approve and adopt updates to Investment Policy No. 013 (Fiduciary Duty of Investment Managers).
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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. 013 (Fiduciary Duty of Investment Managers) was last reviewed in 2017.
Pursuant to General Policy 005, staff has conducted a review of Investment Policy No. 013, and has found it both generally consistent with current practice and appropriate for SBCERA's program. Staff is therefore recommending renewal of Investment Policy No. 013 without substantive change.
COMMITTEE REVIEW:
This item was reviewed by the Investment Committee at its May 19, 2020 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. 013 (Fiduciary Duty of Investment Managers), Issue 3.0 - Redline