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Senate committee hears Board of Investments nominees; members point to fiduciary oversight, housing and cybersecurity work
Summary
The Montana Senate Business and Labor Committee took testimony and advanced six governor-appointed nominees to the Board of Investments, highlighting the board's $28.3 billion in assets, recent housing loans and steps to strengthen IT security and fiduciary controls.
The Montana Senate Business and Labor Committee on an unnamed date heard testimony supporting six governor-appointed nominees to the state Board of Investments and moved all six resolutions forward in executive action.
Lieutenant Governor Kristen Juras spoke for the governor in support of the nominees and described the board’s constitutional role in managing the state’s financial assets. Dan Villa, executive director of the Board of Investments, outlined the agency’s recent work and metrics, saying the board managed $28,300,000,000 in assets as of June 30, 2024 and citing a consolidated-asset pension pool return of 7.76% compared with constitutional targets. “Our cost ratio … is down from 0.31% to 0.25% since fiscal 2018,” Villa said, and he described independent SOC 1 Type 2 and CEM benchmarking reviews and additional IT security layers added atop state systems.
Nominees who spoke and were supported included Mark Berry (incumbent, audit chair), John Milanovich (first-term appointee), Jeff…
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