THE BOARD OF TRUSTEES
The Alaska Permanent Fund Corporations operates as a separate state entity under the oversight of an independent, professional Board of Trustees who serve as fiduciaries of the Alaska Permanent Fund. The APFC Board of Trustees sets investment policy, reviews the portfolio’s performance, and works together with management to determine the Corporation’s strategic direction. In service to their fellow Alaskans, the Board of Trustees ensures that the Alaska Permanent Fund is managed and invested in a manner consistent with legislative findings in AS 37.13.020 that provide:
- The Permanent Fund should provide a means of conserving revenue from mineral resources to benefit all generations of Alaskans.
- The Permanent Fund’s goal should be to maintain safety of principal while maximizing total return.
- The Permanent Fund should be used as a savings device managed to allow the maximum use of disposable income from the fund for the purposes designated by law.
The Board is composed of six governor-appointed Trustees. Two of the members must be heads of principal departments of state government, one of whom shall be the commissioner of revenue. Four public members fill the remaining seats, which have staggered, four-year terms. The four public members of the Board must have recognized competence and wide experience in finance, investments, or other business management-related fields. There are four primary fiduciary duties that are expected of APFC’s Board of Trustees: duty to act prudently, duty of loyalty, duty to diversify investments, and duty to follow law and plan documents. The Board appoints the Corporation’s Chief Executive Officer, who provides executive leadership and manages APFC in accordance with its established mission, goals, and strategic objectives.
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