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FAIRBANKS, Alaska (KTVF) – The Alaska Senate and House Finance Committees heard a presentation from the Alaska Permanent Fund Corporation, which is responsible for investing the state’s oil revenues.
The overall goal of a company is to invest the funds under management with minimal risk and maximum return.
Board Chairman Ethan Schutte gave the committee an overview of the fund’s activities and answered questions from members.
As of Dec. 31, the fund’s value was more than $77 billion.
The company’s future goal is to increase the value of the Endowment Fund to $100 billion, but the speed at which it achieves that goal has been adjusted to be more modest. “We had a goal that it would take three to five years to get this $100 billion, and that implied we had to do something very aggressive. And Many of us weren’t comfortable when we entered the discussion and dialogue around that.” So we changed it back to $100 billion, but we didn’t set a deadline. Because I knew I didn’t want to direct my staff or give people the impression that I was going to Las Vegas with Alaskans’ money. Trying to get $100 billion right away. We’ll get there when we get there,” Schutt said.
At both committee meetings, Mr. Schutt was asked about the company’s plans to open an additional office in Anchorage, and Sen. Bart Stedman emphasized Congress’ prerogatives regarding funding allocations.
Meanwhile, the company is recommending several changes to its current policies, centered around preserving the privacy of current and prospective employees.
Specifically, they want to amend current law to protect candidates for the positions of executive director and chief investment officer from public record disclosure and to require interviews for these positions to be conducted by the executive board.
At both committee meetings, Schutt was asked about the company’s plans to open an additional office in Anchorage, and Sen. Bart Stedman emphasized Congress’ prerogatives regarding funding allocations.
Meanwhile, the company is recommending several changes to its current policies, centered around preserving the privacy of current and prospective employees.
Specifically, they want to amend current law to protect candidates for the positions of executive director and chief investment officer from public record disclosure and to require interviews for these positions to be conducted by the executive board.
“At this time, this is a fully public process and we have received feedback that undermines our ability to recruit and evaluate potentially great candidates who do not participate in such a fully public process. Because by definition they probably have a job, and if they’re doing a very good job somewhere else and it goes through a public process and the outcome doesn’t work out, then there’s a problem with their current job. “Often,” Schutt said.
Senator Jesse Keel said while he understood the reasoning behind the request, he expressed concern about the secrecy within the company. I am very concerned about the genuine interest in secrecy. I believe the decision regarding the second office was made during a board meeting. Thank you, Mr. Chairman, for the public discussion about holding meetings outside the state to circumvent open meeting laws, but not for the discussion of conducting performance reviews only orally to avoid a written record. do. I have concerns. It’s public funding, right? This is not this generation’s money. The apparent intent to reduce the transparency of the Alaska Permanent Fund Corporation is deeply concerning because it is our children’s, our grandchildren’s, and their children’s money. ”
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