General Counsel and Chief Compliance Officer

Company:Illinois State Board of Investment

Reports to the Executive Director
Salary Range: Minimum $125,000


The General Counsel / Chief Compliance Officer is responsible for (i) overseeing the Illinois State Board of Investment’s (ISBI) legal matters, (ii) supervising and coordinating external counsel activities, (iii) providing a wide range of legal advice/opinions to the Executive Director regarding investments, investment managers, investment contract negotiations and compliance with federal and state laws governing investments, and (iv) serving as the Secretary of the Board of Trustees (the Board) of the Illinois State Board of Investment. Specific responsibilities shall include, but not be limited to:

1. Provide ultimate oversight of ISBI’s portfolio compliance with state and federal laws and administrative rules governing investments, as well as portfolio compliance with ISBI’s asset allocation model, investment guidelines and investment policies and procedures; counsel Executive Director and Chief Investment Officer regarding all portfolio compliance issues.

2. Draft, negotiate and provide legal review of investment contracts and amendments approved by ISBI; draft, negotiate and provide legal review of administrative, operational contracts.

3. Serve as legal advisor to the Executive Director, offering advice and consultation, which may affect the investment policy, investment decisions and actions of ISBI.

4. As Secretary of the Board, coordinate and oversee the meetings of the Board and ensure that all such meetings are held in compliance with State statutes, rules and internal policies and procedures, including the recording and maintenance of the Board meeting minutes in accordance with the Illinois Records Act and the Illinois Open Meetings Act.
5. Assist in planning, creating and implementing policies and procedures to achieve ISBI best practices and compliance with the statutory requirements in the Illinois Pension Code.

6. Serve as Human Resource Officer and Affirmative Action and Equal Employment Officer.

7. Oversee employment-related legal matters, such as the annual review process and negotiation of employment agreements.

8. Execute Board policies related to corporate governance. Monitor outside providers to insure the voting of ISBI proxies consistent with Board policy.

9. Plan, direct and conduct extensive and complex research on investment and administrative issues which affect ISBI’s operations; make compliance recommendations and present written reports.

10. Confer with staff members, other attorneys and qualified experts on issues of statutory interpretations and compliance.

11. Counsel staff on matters of administration, organization, policies and procedures from a legal/compliance standpoint.

8. Draft, revise and clarify proposed bills, amendments, resolutions, procedures, rules and regulations affecting the Board’s investment authority.

9. Track and respond to real estate, public market investment and alternative investment legal/compliance issues.

10. Supervise and coordinate securities litigation matters with external counsel and the Illinois Attorney General.

11. Supervise and coordinate field investigations of law violations and claims.

12. Serve as Ethics Officer and monitor compliance of Board and staff in accordance with ISBI’s ethics policies and procedures and the Illinois Ethics Act.

13. Counsel the Director of Operations, Accounting & Audit regarding issues pertaining to the ISBI’s investment audit by the Auditor General.

14. Respond to investment compliance questions posed by ISBI’s investment managers.

15. Oversee all external counsel relationships; draft legal budget regarding same.

16. Serve as Freedom of Information Act (FOIA) Officer and respond to FOIA requests in accordance with the applicable legislation and internal policies and procedures.

17. Perform other duties as required or assigned.


• Bachelor’s degree and Juris Doctorate degree required.
• Valid license to practice law in the State of Illinois.
• Experience handling increasingly complex legal issues regarding investment contracts and fiduciary issues.
• Good written and oral communication, analytical and research skills.
• Knowledge of Microsoft Word and Excel programs.

Applicants should send resume’s to:

ISBI General:
Ashley Fredrickson: