Virginia Retirement System, Richmond, hired Galliard Capital Management to run the stable value investment option in its 457 and 401(a) plans, which have combined assets of $468 million. The selection is subject to contract negotiations.
Separately, the $32.5 billion systems corporate governance task force recommended development of formal proxy voting guidelines for investment managers and an annual review of their proxy voting practices. The task force also recommended joining an organization representing institutional investors to seek greater clout in lobbying companies in which the system owns stock, and enlisting a monitoring service to seek opportunities for potential securities litigation. The systems trustees will discuss the recommendations at the boards next meeting, currently scheduled for March 20.