Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Board Actions topic
No spam. Unsubscribe anytime.
Board approves $12 million rebalancing, issues RFP, adopts succession rules and forms executive director selection committee
Summary
Trustees approved a $12 million rebalancing to bring fixed income back into IPS compliance, authorized an RFP to review investment policy, adopted a temporary leadership-succession resolution, and authorized formation of a selection committee to hire the next executive director.
The board approved several formal actions affecting the trust’s governance and asset allocation.
Asset rebalancing: Trustees approved a rebalancing plan to raise $12,000,000 by selling holdings in the Mellon Acquiax US index and redeploying the proceeds into fixed income to bring the fixed-income allocation back into compliance with the investment policy statement (IPS). The motion was made and, per the meeting record, identified as moved by Mister Remkus and seconded by Mister Pena; roll-call votes recorded 'Aye' from Mister Kerr, Miss Hammond, Mister Remkus, Mister Pena and Representative Cornelis and the chair announced that the motion carries.
RFP for investment policy review: Trustees voted to authorize issuance of an RFP to review the board’s investment practices and policies, consistent with the Texas Government Code’s reporting requirements for public pension funds. The meeting record shows the motion was moved by Caro and seconded by Hamlin and that the motion carried on a unanimous voice vote.
Leadership-succession resolution: The board adopted a resolution establishing a pecking order for meeting chairs in the temporary absence of the chair and vice chair: the vice chair would preside if the chair is absent; if both are absent the chair of the investment committee would serve as interim board chair and the chair of the administrative services committee would serve as interim vice chair. The motion was recorded as made by Mister Rooka and seconded by Representative Canales; the board voted in favor and the chair announced the motion carries.
Selection committee for executive director hire: Following an executive session held under Texas Government Code §§551.071 and 551.074, the board voted to authorize formation of a selection committee to assist in selecting and hiring the next executive director. The record shows the motion for executive item 1 was made by Mister Rimpus and seconded by Miss Hamlin; roll-call votes were recorded and the motion carried.
Adjournment: The board adjourned at 09:55AM after a final motion to adjourn carried.
