Reference is to the bill as introduced.
Amend the bill, as and if amended, SECTION 9, by striking Section 9-16-330(B) in its entirety and inserting:
/ (B)(1)
Notwithstanding Section 9-16-30(A), the commission's
statement of general investment objectives may include a
delegation to the chief investment officer of the final
authority to invest an amount not to exceed:
(a)
two percent of the total value of portfolio assets
for each investment, if the investment is in assets that are
publicly tradeable and the investment provides for liquidity in
ninety days or less; or
(b)
one percent of the total value of portfolio assets
for each investment, if the investment is in assets that are not
publicly tradeable or the investment's liquidity provision is
greater than ninety days.
(2) Any final
authority delegated to the chief investment officer pursuant to
this subsection must be exercised subject to the oversight of
the chief executive officer. The closing documentation of an
investment made pursuant to this delegation must include the
chief executive officer's certification that the investment
conforms to the amount and the extent of the delegation. Any
authority exercised pursuant to this section must be exercised
in a manner consistent with the limitations imposed by this
section and investments may not be divided into smaller amounts
in order to avoid these limitations. The commission must be
notified of an investment made pursuant to any delegated
authority within three business days of the investment's closing
and the investment must be reviewed with the commission at its
next regularly scheduled meeting. The commission may amend,
suspend, or revoke the delegation of the final authority to
invest at any time and may place stricter limits on any
delegated authority than those provided in this subsection.
Amend further SECTION 9, by adding an appropriately lettered subsection to read:
/ "(E) Before the implementation of delegation of final investment authority from the commission to the chief investment officer, the commission's external investment consultant shall provide an analysis of the extent of investment authority delegation in other public pension funds, including resulting investment performance, and recommendations regarding policy parameters to govern investment authority delegation. The analysis and recommendations must be completed and provided to the commission before the implementation of delegation of final investment authority to the chief investment officer."/
Amend further SECTION 7, Section 9-16-90(B), by adding an appropriately numbered item to read:
/ "( ) a schedule of investment decisions that have been delegated from the commission to the chief investment officer to include the name, asset class, asset value, fees paid, and performance since inception by manager." /
Renumber sections to conform.
Amend title to conform