APFC’s Board of Trustees hold Special Meeting to address talent recruitment and retention issues

In Board of Trustees, Uncategorized by Paulyn

Juneau – The Board of Trustees held a Special Meeting in Anchorage and via webinar on July 12, 2022, to address long-standing APFC recruitment and retention issues, specifically related to salaries and incentive compensation.

“We recognize that recruitment and retention of world-class talent are essential to the prudent management and success of the Alaska Permanent Fund,” said APFC Board Chair Craig Richards. “We are thankful for the support received from the Alaska Legislature. Through these positive discussions, the APFC Board is working towards solutions to staff compensation challenges to ensure the Fund continues its multi-decade history of world-class asset management into the next generation.”

A follow-up Compensation Committee meeting is scheduled to take place on July 28.

Archived video recordings of all Board of Trustees meetings can be found on our website at https://apfc.org/bot-video-archive/.

APFC Board of Trustees Special Meeting – July 12, 2022

In Uncategorized by Jennifer Thorsteinson

The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold a Special Meeting on July 12, 2022 for the purpose of discussing APFC employee compensation, retention, and recruitment matters generally and in preparation for the FY24 Budget request to be approved at the Annual Meeting in September.

The public is invited to attend this meeting in person, via Webinar, or telephonically. Please see the agenda for specific details.

July 12, 2022 APFC Board of Trustees Special Meeting Agenda
July 12, 2022 APFC Board of Trustees Special Meeting Packet

APFC Welcomes Trustee Rubenstein and Trustee Brune

In Uncategorized by Paulyn

The Alaska Permanent Fund Corporation (APFC) welcomes Gabrielle “Ellie” Rubenstein and Alaska Department of Environmental Conservation Commissioner Jason Brune to the APFC Board of Trustees. Their service on the Board commences on July 1, 2022.

As CEO and Co-Founder of an investment firm, Trustee Rubenstein brings extensive private equity, investment management and corporate experience to the Board. Trustee Rubenstein also supports numerous organizations and initiatives through her family office and dedicates countless hours volunteering with the Red Cross of Alaska.

“The Alaska Permanent Fund is a globally recognized sophisticated investor. I am humbled and honored to serve on the Board. I look forward to getting to know the Trustees and Staff and working with them in service to the people of Alaska.” ~ Trustee Rubenstein

Trustee Brune has served as the Alaska Department of Environmental Conservation Commissioner since December 2018. Trustee Brune brings to the Board a wealth of knowledge on Alaska’s resources, the foundation of the Alaska Permanent Fund. Previously he served in various public and private roles throughout Alaska, primarily related to resource development and land management.

“Having been part of resource development in Alaska for decades, it is a tremendous honor to serve on the Board of Trustees. Through managing the Fund, the role that APFC holds in converting a portion of the State’s royalty wealth into a financial resource for generations of Alaskans is stewardship at its best.” ~ Trustee Brune

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APFC’s Public Equities and the Advantage of Time

In APFC Perspectives by Paulyn

Empirical evidence shows that Public Equities investment outperformance is challenging to generate and sustain long-term. It requires a certain degree of skill, market perspective, and time. As with all of the Alaska Permanent Fund Corporation’s asset classes, the key objective of the Public Equities portfolio is to outperform its benchmark over time and across market cycles. Investing for the long run enables the Corporation to design and implement well-thought-out strategies and then let them play out over several years.

Over the past ten years, Fawad Razzaque, APFC’s Director of Public Equities, has been progressively incorporating more active management externally and internally throughout the portfolio to optimize its long-term returns. A key part of the management strategy is gauging market conditions and assessing how much risk is appropriate and where to allocate that risk budget. “If you’re too conservative, you could be leaving some returns on the table,” Fawad recognized, “if you’re too aggressive you are taking too much risk, and it may come back to bite you. There’s a fine line in between.”

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APFC’s Board of Trustees Q3 Meeting Overview

In Board of Trustees, News by Paulyn

Ketchikan – The Board of Trustees held its quarterly meeting in Ketchikan and via webinar on May 18-19, 2022, to consider the Alaska Permanent Fund’s third-quarter investment performance, associated capital markets insights, asset class updates, and a pacing plan for alternative markets. Updates to the Investment Policy and Governance Manual were also considered and adopted. In his hometown of Ketchikan, the Board and Corporation also took an opportunity to recognize Trustee Bill Moran’s sixteen years of dedicated service to the Fund, the Corporation and Alaska.

Performance
The investment focus of the Permanent Fund has always been targeted to a long-time horizon and measured against established benchmarks. Through the 3rd quarter, the Fund continued to outperform all targets in the 3-, 5-, 10-, and 20-year periods. The Total Fund outperformed the Performance and Passive Index benchmarks for the quarter while underperforming the Total Fund Return Objective of CPIU+5%. The Total Fund ended the quarter on March 31 with a value of $83.4 billion, a decrease of 1.4% from the previous quarter.
“While we are pleased to have continued delivering performance in excess of the Fund’s performance benchmark, the global markets have turned negative in 2022.” Said Marcus Frampton, APFC’s CIO, “Recognizing that this more difficult environment for stocks and bonds may continue, we are focused on maintaining a conservative posture for the Fund.”
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APFC Board of Trustees Quarterly and Audit Committee Meetings – May 18-19, 2022

In Uncategorized by Jennifer Thorsteinson

The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold their Quarterly Meeting on May 18-19, 2022 in Ketchikan at the location identified in the agenda below. The public is invited to attend this meeting in person or via Webinar (information listed in the agenda), and there will be an opportunity for public comment and participation on Wednesday, May 18th at 8:15 a.m. when the meeting commences.

The Board of Trustees Audit Committee will be holding a meeting on May 19th at the same location. The public is invited to attend this meeting in person, or by webinar, and there will be an opportunity for public comment and participation. The agenda is attached below.

May 18-19, 2022 APFC Board of Trustees Quarterly Meeting Agenda
May 18-19, 2022 APFC Board of Trustees Quarterly Meeting Packet
May 19, 2022 Audit Committee Meeting Agenda
May 19, 2022 APFC Board of Trustees Audit Committee Meeting Packet

APFC Board of Trustees Governance Committee Meeting – May 2, 2022

In Uncategorized by Jennifer Thorsteinson

The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold Governance Committee Meeting on May 2, 2022. This meeting will be conducted via webinar through WebEx. The public is invited to attend this meeting via webinar or phone, and there will be an opportunity for public comment and participation.

May 2, 2022 APFC Board of Trustees Governance Committee Meeting Packet

May 2, 2022 APFC Board of Trustees Governance Committee Meeting Agenda

Board of Trustees Respond to LB&A on Investigation

In Uncategorized by Paulyn

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.

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APFC Board of Trustees Special Meeting – April 8, 2022

In Uncategorized by Jennifer Thorsteinson

The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold a Special Meeting on April 8, 2022, virtually for the purpose of meeting in Executive Session to receive legal advice regarding the Legislative Budget & Audit Independent Investigation.

The public is invited to attend the non-executive session portion of this meeting via Webinar (information listed above), or telephonically.

4.8.22 APFC Board of Trustees Special Meeting Agenda

Board of Trustees’ Response to Ongoing LB&A Investigation

In Uncategorized by Paulyn

As Alaskans, we can all agree that the investment and management of the Alaska Permanent Fund must be held to the highest of standards – those of fiduciary duty, uncompromising integrity, political independence, and straightforward accountability. In accordance with these standards, the Alaska Permanent Fund Corporation, our Trustees and our Staff are fully committed to the long-term interests of the Alaska Permanent Fund and the public that we serve.

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