UTQIAGVIK – The Board of Trustees of the Alaska Permanent Fund Corporation (APFC) held its quarterly meeting in Utqiaġvik and via webinar on May 29 and 30. At the meeting, the Board unanimously adopted an updated asset allocation. In addition, the Board voted to approve the FY25 operating budget with a directive to maintain the Anchorage office and to contract with a third-party law firm to provide a review of Trustee and Staff communications over the past six years, as well as the recent unauthorized release of internal records.
Conducting meetings throughout the state underscores APFC’s commitment to work on behalf of all Alaskans. A meaningful exchange with the North Slope Borough included a sharing of the Permanent Fund’s history, global investment strategy, and growth in recognition of synergies that exist in managing investment funds to provide for generations through a renewable financial resource. The discovery of oil on the North Slope paved the way for the Permanent Fund, a financial resource that now benefits all Alaskans. It was a unique honor for the Trustees to hold this quarterly meeting in Utqiaġvik, where the Board came together in the interest of providing for future generations.
“I would like to thank Mayor Josiah Patkotak and the community for welcoming us. We recognize the significance of the North Slope as the ultimate source of funds that now comprise the Permanent Fund. In the delicate social and cultural balance that is Alaska, the Inupiat of the North Slope were the stewards of these lands that now comprise the source of our common and intergenerational wealth. We thank them for their hospitality.” -Chair Ethan Schutt
202405_APFC Board of Trustees Quarterly Meeting News Release