The Dunleavy administration released a report commissioned by the Governor that was conducted by an outside legal firm to review the Alaska Permanent Fund Corporation (APFC).
The Governor’s Office engaged WilmerHale to review the APFC regulations and governance, focusing on identifying gaps, improving governance processes, addressing conflicts of interest, and enhancing overall efficiency.
The review involved an analysis of APFC’s bylaws, statutes, meeting minutes, and other relevant documents, as well as interviews with current and former Board members, staff, and advisory group members.
WilmerHale concluded that the APFC staff and Board are committed to high ethical standards and delivering strong returns for Alaskans. However, the review suggested improvements in governance alignment with industry best practices, including more accountability and transparency.
Key recommendations include implementing an anonymous compliance reporting system, creating annual questionnaires to disclose conflicts of interest, refining investment referral processes to eliminate unnecessary trustee involvement, updating the Board Communications Policy, and enhancing recruitment, retention, and succession planning.
Additional suggestions included more detailed trustee orientation and continuing education, improving relationship-building among staff and trustees, and clarifying the public’s understanding of trustee roles.
Governor Dunleavy is encouraged that the Trustees and APFC managers have already begun implementing the recommendations and encourages them to adopt all the recommendations contained in the report.
Click here for a copy of the WilmerHale report.