New Mexico State Investment Council, Santa Fe, plans to back an amendment to the state constitution that would remove restrictions on the investment of the $11.24 billion Land Grant Permanent Fund, said Charles Wollmann, director of communications for the $16 billion council.
Current investment restrictions include a 65% ceiling on corporate stocks and no more than 15% in international securities at any single time.
The amendment would also increase the council's standard of care to prudent investor from care that ”businessmen of ordinary prudence, discretion and intelligence exercise.”
The council also plans to support legislation that would give the council responsibility for its budget and for its personnel, including investment officials. Currently, the Legislature and the state personnel office oversees council hiring and its budget.
It also will back a bill that would eliminate the Private Equity Investment Advisory Committee, which was created by state law to help oversee the council's private equity investments. The council voted to seek to eliminate the committee because it duplicates work done by the council.