Stewardship Through Strong Governance
Governance
Governance is fundamental to how APFC fulfills its mission to manage the Alaska Permanent Fund for the benefit of all generations of Alaskans. Grounded in law and guided by fiduciary responsibility, APFC’s governance framework brings together independent oversight, clear roles and authorities, disciplined policies, and transparent practices. Together, these elements ensure the Corporation operates with integrity, makes decisions in the long-term interest of the Fund, and maintains the trust placed in it by the people of Alaska.
Guiding the Fund
Governance & Corporate Policies
Oversight & Public Accountability
Governance Foundations
APFC’s governance framework translates fiduciary responsibility and statutory authority into clear structures, processes, and oversight. This foundation supports accountability, protects the Corporation’s independence, and ensures the Fund is managed with discipline and consistency.
Constitutional & Legal Foundation
In 1976, Alaskans voted in support of a constitutional amendment establishing the Alaska Permanent Fund, dedicating a portion of mineral royalties to saving and investing for intergenerational benefit. Alaska Statutes Chapter 37.13 outlines the management of investments, income distribution, and stakeholder accountability.
Independent Governance
APFC is a quasi-independent public corporation governed by an independent Board of Trustees appointed by the Governor. This structure helps insulate investment decisions from political influence while ensuring the Board retains full fiduciary authority over Fund management.
Fiduciary Standards
Investments are managed in accordance with AS 37.13.120 under the prudent investor rule, with a focus on preserving the Fund’s purchasing power while maximizing long-term, risk-adjusted returns. The portfolio is broadly diversified, guided by a Board-approved list of permitted investments under 15 AAC 137. Alaskan investments are pursued only when they offer risk and returns comparable to global opportunities.
Accountability & Transparency
APFC maintains strict financial controls and a strong accountability culture, ensuring clear separation between finance and investment roles with multiple review layers to protect assets and ensure accuracy. The Corporation generates financial and performance reports daily, weekly, and monthly, and publishes an annual report as mandated by state law. This report includes independently audited financial statements overseen by the Board’s Ethics, Audit & Cybersecurity Committee, adhering to U.S. auditing standards.
Ethics & Public Access
Trustees and staff are subject to the Executive Branch Ethics Act, with required training and ongoing compliance. Board meetings are conducted under Alaska’s Open Meetings Act, and non-proprietary records are publicly accessible.
Internationally Recognized Standards
Best Practices
As part of the global sovereign wealth fund community, APFC contributes to international initiatives that promote transparency, collaboration, and best practices. APFC was a proud leader and participant in the joint effort between the International Monetary Fund and IFSWF to promote the Santiago Principles, voluntary guidelines for transparency, accountability, and prudent investment practices. APFC is proud to set standards and remain competitive in the global market.