FROM: Don Pierce, Chief Investment Officer
SUBJECT: Approve rescission of Investment Policy No. 011 (Commission Recapture Policy)
RECOMMENDATION:
title
Rescind Investment Policy No. 011 (Commission Recapture Policy).
body
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. 011 (Commission Recapture Policy) was last reviewed in 2017.
Pursuant to General Policy No. 005, staff has conducted a review of Investment Policy No. 011; regulatory, and industry changes related to soft-dollars has made this program no longer operative. Staff is therefore recommending rescission of Investment Policy No. 011.
COMMITTEE REVIEW:
This item was reviewed by the Investment Committee at its August 11, 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Exhibit A: Investment Policy No. 011 (Commission Recapture Policy), Issue 2.0 - Rescinded