Anchorage – The Trustees met in Anchorage and via Webinar to consider active Board Resolutions, review Trustees Paper Volume 9 and Sovereign Wealth Fund rules with Dr. Malan Reitveld.
APFC bylaws require that Resolutions inform the establishment of investment policy and allow for direction related to long-term administrative and operating procedures. Included in resolutions about investment policies are the Board’s definition of income-producing investments, the recognition of responsibility to the Principal of the Fund, and the establishment of the In-State Emerging Manager program. Administrative Resolutions include delegation authorities, staff compensation, and succession planning. Amongst the Investment and Administrative Resolutions are also resolutions that provide saving and spending guidance; all of these resolutions have in common the theme of protecting the Principal of the Fund – from inflation, from inadvertent loss – and encouraging real growth of the Fund.
Chair Craig Richards remarked that “it was helpful for the Board to once again review best practices for saving into and spending from the Fund. History teaches us an adherence to a rules based structure is instrumental to long term success.”
Based on the Board’s review of resolutions, the Board acted and repealed those that are no longer considered relevant or applicable: active or have been superseded by other Corporation policies: Resolutions 1984-14, 1986-01, 1988-04, 1990-14, 2001-06, 2003-02, and 2009-05.
Active Board Resolutions can be found at https://apfc.org/the-board-of-trustees/resolutions-board-trustees/.
The next meeting of the Board of Trustees will be the quarterly meeting on December 8-9, 2021, in Anchorage and via WebEx. Meeting information can be found at https://apfc.org/the-board-of-trustees/board-of-trustees-meetings/.