Governance and Fiduciary Oversight
Board of Trustees
APFC is governed by a six-member Board of Trustees, who serve as fiduciaries of the Fund on behalf of all Alaskans. The Board is responsible for ensuring the Fund is managed in accordance with state law and the highest standards of integrity, transparency, and financial stewardship. It sets long-term strategy, asset allocation, risk tolerance, and investment objectives, while APFC’s investment professionals execute the plan. Board meetings are open to the public, reinforcing the commitment to accountability and trust.
Guided by Leadership
APFC Board of Trustees
Board Composition
Per AS 37.13.050, the Board includes:
- Two members who lead state departments, including the Commissioner of the Department of Revenue.
- Four public members with recognized expertise in finance, investments, or business management, serving staggered four-year terms.
Fiduciary Responsibilities
As fiduciaries, Trustees are legally and ethically bound to act in the best interest of the Fund. This includes the duty to act prudently, the duty of loyalty to the Fund, the duty to diversify investments, and the duty to follow applicable laws, policies, and governing documents.
Clear roles. Professional management. Strong oversight. That’s how APFC’s governance ensures fiduciary discipline and safeguards Alaska’s future.
Committees and Officers
Under AS 37.13.050, the Board of Trustees elects a Chair annually from among its members. To ensure effective oversight and governance, APFC’s policies require the Board to maintain a structured committee framework and clear governance policies. APFC currently has an Audit Committee and a Governance Committee, both of which have members appointed each year by the Board Chair.
Ethics, Audit & Cybersecurity Committee
The Ethics, Audit & Cybersecurity Committee oversees APFC’s governance and accountability, ensuring transparency, integrity, and security across the organization. Its responsibilities include monitoring compliance with ethics laws, safeguarding the integrity of financial reporting and internal controls, reviewing the performance and independence of external auditors, assessing cybersecurity systems, and facilitating communication among auditors, management, the CFO, and the Board.
Committee Members:
Ryan Anderson, Committee Chair, Jason Brune, Janelle Earls, Ralph Samuels
Governance Committee
The Governance Committee supports APFC’s Board in maintaining strong oversight, transparency, and strategic direction. The Committee reviews Board and executive charters and governance policies, ensures compliance with assigned duties, and oversees succession planning for senior leadership. It also assists in shaping and periodically updating the Strategic Plan, and monitors the reports provided to the Board to ensure timely, relevant, and actionable information.
Committee Members:
Ethan Schutt, Committee Chair, Jason Brune, Ralph Samuels
Established in Statute
Purpose
In service to Alaskans, the Board ensures that the Permanent Fund is managed and invested in a manner consistent with legislative findings in AS 37.13.020 that provide:
The fund should provide a means of conserving a portion of the state’s revenue from mineral resources to benefit all generations of Alaskans. The fund’s goal should be to maintain safety of principal while maximizing total return. The 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.