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Is Governance Really Such A Big Deal???

Is Governance Really Such A Big Deal???. Rich Goss Administrator California Association of Public Retirement Systems. The Way We Were…. Run by an Agency Official Clerical administration Not much budget impact Boring to the Press. Then Things Started to Change .

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Is Governance Really Such A Big Deal???

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  1. Is Governance Really Such A Big Deal??? Rich Goss Administrator California Association of Public Retirement Systems

  2. The Way We Were… • Run by an Agency Official • Clerical administration • Not much budget impact • Boring to the Press

  3. Then Things Started to Change • 1971 Myers, Millias, Brown Act • 1978 Proposition 13 • 1984 Proposition 20 – Prudent Expert • 1985 Computer Work Stations • 1986 Fiduciary Responsibility • 1992 Proposition 162 • Somewhere Along the Line - Independence

  4. We Got Lots of Help • With Some of those changes • Investment Policies • Asset Allocation Studies • Multiple Asset Classes • Multiple Asset Managers • Discretionary Relationships

  5. We Got Less Help • Data Processing • Member Communications • Staff Operations • Financial Oversight • Staff Training and Succession Planning • Media Relations • Board Operations

  6. And Then The Fresno County Employees’ Retirement Association • Went Independent!

  7. So, Who Is In Charge? • Barriers to Excellence • Time Spent on Important & Urgent • Effective Decision Making • Clear, documented, understood, mapped • The Board as Risk Controller • The Administrator as Performance Maximizer

  8. Decision Map

  9. Policies • Board Governance Policy • Board Charter • Board Elections Policy • Board Officers’ Job Descriptions • Board Operations Policy • Conflict of Interest Policy • Liability Management Policy • Investment Gain/Loss Treatment • Travel Policy • Trustee Education Policy • Board Terms of Reference • Code of Conduct • Executive Director Evaluation Policy • Policy Development Process

  10. What’s It Worth? • Clearer Operating Focus • Risk Management • Future Directed • Affects the Core of the Business

  11. And… • You have to revisit it every couple of years

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