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Investment Fiduciary Governance Commission

Treasurer Janet Cowell has announced the establishment of an independent, bipartisan commission to examine and consider governance reforms of the North Carolina pension fund's investment program.  Read the full announcement

The Commission, which is composed of industry experts, legislators, and members of the consolidated North Carolina Retirement Systems, will be chaired by Michael Kennedy, Chair of the Federal Retirement Thrift Investment Board, the largest U.S. pension. The Commission will make recommendations by April 30, 2014, to be considered by the Treasurer and the General Assembly.

The independent Commission is charged with examining best practices from the public, private, and nonprofit investment sectors, and recommending improvements for North Carolina’s pension investment structure. The goal is to ensure that the pension fund’s investment program is efficient, cost-effective, transparent, and conducive for long-term growth.

Specifically, the Commission will:
  • Evaluate the sole investment trustee and investment advisory committee model versus an investment board of trustees or other model
  • Evaluate investment fiduciary independence (including state laws applicable to personnel, procurement, and budget decisions)
  • Evaluate enhancements to external investment oversight, reporting, and monitoring 
Commission Meetings

​​Meeting Dat​e ​Meeting Materials
​January 23, 2014 Investment Fiduciary Governance Com​mission​ Briefing Book
February 20, 2014​

Investment Fiduciary Governance Commission Briefing Book
Information Requests from Commission Members
Clarifications from the January, 23, 2014 Meeting 

Supplemental Materials Provided Post-Meeting:
Research Request from Commission Members
Constitutional Protection of Sole Fiduciary Inquiry Memo

​March 25, 2014 Investment Fiduciary Governance Com​mission​ Briefing Book
Information Request From Commission Members
Inquiry About Constitutional Protection of Sole Fiduciary Memo
April 10, 2014​ April 10, 2014 Meeting Agenda
Minutes from the March 25, 2014 Commission Meeting
First Draft of the Commission Report
​April 24, 2014 April 24, 2014 Meeting Agenda
Minutes from the April 10, 2014 Commission Meeting
Second Draft of the Commission Report with Minority Report​
Minutes from the April 24, 2010 Commission Meeting​
​Final Report Final Report of the IFGC to the State Treasurer
Letter from IFGC Chairman Michael Kennedy to the State Treasurer
Letter from the State Treasurer to Legislative Leadership
 

Commission Members

The Commission members are (click each name for a full member bio):
  • Michael Kennedy, Chair, Senior Client Partner of Korn/Ferry International, Chair of the Federal Retirement Thrift Investment Board (2011-present)
  • Rhoda Billings, former Associate Justice and Chief Justice of North Carolina Supreme Court (member of Consolidated Judicial Retirement System)
  • Greg Gaskins, Chief Financial Officer, City of Charlotte (member of Local Governmental Employees’ Retirement System)
  • Mark Jewell, Vice President of North Carolina Association of Educators (member of Teachers and State Employees’ Retirement System)
  • Charles Perusse, Chief Operating Officer, University of North Carolina (member of Teachers and State Employees’ Retirement System)
  • Neal Triplett, President and CEO of DUMAC Inc., Duke University’s endowment and pension fund
 

 Commission Meetings

 
 

 Recent Press