The Board of Trustees of the Alaska Permanent Fund Corporation (APFC) is committed to service to the State of Alaska and Alaskans and maintaining the highest standards in the management and investment of the Alaska Permanent Fund. As fiduciaries, our decisions are, and must be, driven by and consistent with the best interests of the Alaska Permanent Fund, which, in turn, is in the best interests of all current and future generations of Alaskans.
The Board of Trustees recognizes the LB&A Committee wants to know more about the removal of the former Executive Director and the process surrounding this decision. Typically, the process and facts surrounding a decision to terminate an employee are confidential to protect that employee’s reputation. In this case, however, the Board’s decision has become a matter of substantial interest and the subject of numerous public records requests, news articles, committee hearings, and a formal legislative investigation. Significantly, the former APFC executive director has now waived the Executive Session privilege that previously constrained what the Trustees could say publicly.
The Board of Trustees offered to appear at a public hearing before members of the LB&A Committee to explain their personnel decision, but the Committee has declined to hold such a hearing. Instead, at the Committee’s insistence, the Board of Trustees has agreed to voluntarily sit for depositions by LB&A’s investigator according to the Alaska Rules of Civil Procedure and reasonable ground rules to be worked out in the near future by the lawyers.
Yesterday, through counsel, the Board provided the LB&A Committee with the attached letter informing them of the Board’s decision.