Council interviews Christine Kelleher for county investment trusteeship

The Montgomery County Council interviewed Christine Kelleher on Feb. 4, 2025, for reappointment to the Board of Investment Trustees and the Consolidated Retiree Health Benefits Trust.

Kelleher told the council she has “been managing institutional capital now for 20 years,” described experience setting up governance and asset-allocation processes at university endowments and museums, and said she has served on the county retirement boards for the past four years. The interview focused on fiduciary duty, conflicts of interest and how environmental, social and governance factors are treated in investment decisions.

Kelleher summarized her view of trustees’ responsibilities and ESG integration: “fiduciary responsibility involves duty of loyalty, duty of prudence, and adherence to appropriate laws,” and trustees must “place the interests of the plan participants and beneficiaries first.” She said ESG considerations are “possible and important to balance” with investment goals but must not “inappropriately impact the return expectations or the risk tolerance of the institution.”

Council member Lori Ann Sales asked what Kelleher learned during her first term and what motivates her to seek reappointment. Kelleher said her main takeaway was seeing “how well a board of very different people with very different backgrounds can all ensure that we are acting in the best interests of the beneficiaries of the plan,” and that she was “honored to be sitting in this role” and looks forward to continuing to serve.

Council member (identified in the record as) Dewando asked about the tension between plan underfunding and taking greater investment risk to chase returns. Kelleher said that is “the biggest challenge that we face,” emphasizing diversified portfolios and updated actuarial modeling to project liabilities accurately; she urged that sponsors contribute when possible to improve funded status.

When asked about conflicts, Kelleher said her current employer is Strategic Investment Group and that the firm “manages capital on behalf of over 30 institutions... however, we do not work with public pensions.” She told the council she believes that employment does not present a conflict with the county trusteeship and that she is not aware of other conflicts.

Kelleher confirmed she can meet the board’s schedule; trustees meet four times a year, usually in January, April, July and October. The session ended with the council thanking Kelleher and moving to the next agenda item; the transcript records the interview but does not record a confirmation vote or final action on reappointment during the Feb. 4 meeting.

The interview provided council members with additional detail about Kelleher’s background, her understanding of fiduciary duty, and her stated approach to ESG and conflict-of-interest questions. The council did not take a recorded confirmation vote in the transcript excerpt provided.

Kelleher’s interview will remain part of the appointment record and may be referenced at a future confirmation vote if the council schedules one.