Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Board Of Investments topic
No spam. Unsubscribe anytime.
Senate committee confirms six nominees to Montana Board of Investments
Summary
The Senate Business, Labor and Economic Affairs Committee advanced six gubernatorial nominees to the Board of Investments after brief presentations and no formal opposition, citing experience overseeing the state's $28.3 billion in assets and fiduciary reviews.
The Senate Business, Labor and Economic Affairs Committee unanimously advanced six nominees to the Montana Board of Investments after brief confirmation hearings Wednesday.
Lieutenant Governor Kristen Juras spoke for Governor Gianforte in support of multiple appointments, saying the board "manages the state's investments within constitutional and statutory guidelines" and noting nominees’ finance and public-pension experience. Dan Villa, executive director of the Board of Investments, told the committee the board managed about $28.3 billion in assets as of June 30, 2024, and stressed improvements in cost ratios and an internal fiduciary review that found the board operating with "best practices" compared with larger peers.
Nominees who spoke to the committee included Mark Berry, a former chief financial officer at Montana State Fund and current audit committee chair of the Board of Investments; John Milanovic, a 28‑year investment professional (appointed in January to a term ending Jan. 2, 2029); Jeff Meredith, vice president at Glacier Bank and the board chair; Maggie Peterson, PERS representative and former vice chancellor for administration and finance at Montana Tech; Daniel Trost, teacher retirement system representative who was unable to attend but was presented by staff; and Duane Iverson, a certified public accountant introduced by the lieutenant governor.
"We request that you would support his nomination," Juras said in introducing several nominees. Mark Berry, asked to describe his experience, told the committee he had "30 years of experience with state of Montana government" including 25 years at Montana State Fund.
Committee members asked operational questions about cybersecurity, asset allocation and how the board responds to market volatility; Villa said the board is a "perpetual investor" with strategic asset-allocation set by the board and that staff cannot unilaterally change allocations. On IT security, Villa said the board layers additional security over state systems and that multiple approvals are required to move state money.
After closing hearings the committee entered executive action and moved each resolution to passage by voice vote. The transcript records unanimous passage for SR 60, SR 64, SR 65, SR 66, SR 67 and SR 75; some senators cast proxy votes for absent members during those voice votes.
The committee recessed and scheduled additional executive business to continue later.
