North Carolina Retirement Systems, Raleigh, has launched a commission to consider governance changes for the $83.1 billion pension fund's investment program, state Treasurer Janet Cowell said Thursday.
Ms. Cowell, the sole trustee, named a mix of industry experts, legislators and pension system members to the Investment Fiduciary Governance Commission, which will look at best practices among pension funds in the private and public sectors, and make recommendations by April 30 in time for the start of the state's legislative session.
The new commission will consider alternatives to the sole trustee model, evaluate investment fiduciary independence, and consider ways to enhance external investment oversight, reporting and monitoring of the investment process, including money managers.
The new 11-person commission is chaired by Michael Kennedy, a senior partner at Korn/Ferry International who also chairs the $366.7 billion Federal Retirement Thrift Investment Board, Washington. Other members include Neal Triplett, president and CEO of DUMAC Inc., Duke University's endowment and pension fund, and former U.S. Controller Linda Combs, along with representatives of all the retirement funds within the system. Investment consultant Hewitt EnnisKnupp will advise the commission. The assets size of DUMAC could not be learned by press time.
Ms. Cowell said in a statement that she wants to take “the long view on financial stability.”
The first meeting of the commission is Jan. 23.
