New York State Common Retirement Fund, Albany, received high marks for its governance activities, according to an independent analysis released Thursday by the $279.7 billion pension fund.
"We found that the comptroller and CRF staff hold themselves to the highest ethical, professional and conflict-of-interest standards and work for the sole benefit of the members and beneficiaries of the system," said the report prepared by Kroll LLC a New York-based company that specializes in services ranging from compliance and regulation analysis to corporate finance and cybersecurity risk. "We did not discover any unethical behavior or misconduct."
Thomas P. DiNapoli, the state comptroller, is the sole trustee of the pension fund.
"The CRF, under the leadership of the comptroller, continues to be a leader amongst its peers for management and operational transparency," the report said. "The (pension) fund has a strong governance framework with sound internal controls and is managed efficiently and effectively."
The Kroll report was completed Feb. 7. "There is no set filing due date," Mark Johnson, a spokesman for Mr. DiNapoli, wrote in an email. "It was being reviewed internally."
An independent review is required every three years by regulations issued by the New York State Department of Financial Services. Kroll was hired by the pension fund. The latest report covers the three fiscal years ended March 31. Kroll examined all documents during those fiscal years that required approval by Mr. DiNapoli.
The Kroll report also praised the pension fund's response to the COVID-19 pandemic.
"The CRF was able to sustain operational integrity and meet their fiduciary duties despite the challenges presented by the pandemic," the report said. "Essential functions such as cash management, trading and investment were performed efficiently and effectively by CRF staff."