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
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 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.
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.
On Tuesday, March 22nd, APFC posted a Request for Proposal (RFP) as part of a competitive solicitation for proposals from executive search firms to assist the APFC Board of Trustees in recruiting and selecting a new Executive Director.
The Board of Trustees and a Recruitment Committee will rely on the procured firm to develop and execute the steps for conducting a thorough executive search and recruitment process. As an industry expert, the awarded offeror will work with APFC in establishing a timeline to guide the Executive Director selection process.
The RFP# 2022 0400 5081 can be found on the State of Alaska’s Online Public Notice (OPN) system. The deadline for receipt of proposals is 4:00 pm on Tuesday, April 12th.
The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold a Special Meeting on March 23 & 24, 2022 virtually for the purpose of meeting in Executive Session to receive legal advice regarding the Legislative Audit & Budget Independent Investigation.
The public is invited to attend the non-executive session portion of this meeting via Webinar (information listed above), or telephonically.
APFC Summary of Russian Holdings
Together with our fellow Alaskans, the Board and Staff of APFC are bearing witness to the suffering, the fortitude, the resiliency, and the sheer bravery of the Ukrainian people and are hearing the call to action. The ongoing crisis and tragedy resulting from Russia’s undeniable and merciless assault on Ukraine warrant a global and Alaskan response.
The long-held independence afforded to the Alaska Permanent Fund Corporation enables fiduciary action based on the best interests of the Alaska Permanent Fund in accordance with constitutional and statutory mandates. There have been past calls for divestment of state funds; however, they were not passed by the Legislature nor acted upon by APFC.
The Alaska Permanent Fund Corporation is keenly aware of the developing situation with regards to Russia and Ukraine, and is assessing impacts to the portfolio during these dynamic and unpredictable times.
APFC is closely monitoring the events that are still unfolding with regards to Russia and is analyzing the appropriate response.
Juneau – The Board of Trustees held its quarterly meeting in Juneau and via webinar on February 16-17, 2022, to consider the Alaska Permanent Fund’s second-quarter investment performance, associated capital markets insights, updates on the Public Equities portfolio from internal and external managers, perspectives on risk and associated thresholds, and a discussion on the portfolio’s annual asset allocation.
The Alaska Permanent Fund ended the quarter on December 31 with $82.5 billion. The trailing quarter performance placed the Total Fund below-median relative to other large public funds and above-median relative to a large endowments/foundations peer group. For the quarter, the Total Fund outperformed the CPIU+5% return target but fell short of the Performance and Passive Index benchmarks. Over the 1-, 3-, 5-, and 10-year periods, the Fund outperformed and was ahead of all three targets.
The Alaska Permanent Fund Corporation’s (APFC) Board of Trustees will hold their Quarterly Meeting February 16-17, 2022.
The public is invited to attend this meeting in person or via webinar and there will be an opportunity for public comment and participation at the beginning of the meeting on February 16. Please see the agenda for meeting details (location, time, and webinar link).
APFC February BOT Meeting Agenda