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APFC Board Reviews Investment Policies, Risk Levels

The Alaska Permanent Fund Corporation Board of Trustees discussed investment policy and reviewed the corporation's new risk assessment tools as part of its two day annual meeting in Anchorage on Spt. 23 and 24.

Max Giolitti, APFC's Head of Risk Management presented key elements of the risk dashboard that will allow staff and Trustees to better evaluate the Fund's investment risk.

"The risk dashboard will allow the Board to see at a glance the risk that the Fund has taken on with its current holdings from a number of perspectives," said Board Chair Steve Frank. "We've primarily looked at the Fund's risk as a function of the volatility of the underlying assets. This new approach is more nuanced, and will allow us to asses risk in areas beyond volatility, such as liquidity risk, currency risk and company exposure."

A draft framework of the investment policy, presented by CIO Jeff Scott, would combine all of the Fund's policies into a single document which clearly delineates who is responsible for each task and who is responsible for oversight of that task. Based on the input received from Trustees, Scott will bring a completed policy for Board approval at a meeting in the future.

Other agenda items included a review of the Fund's fiscal year 2009 performance and a KPMG's report of a clean audit of APFC's financial statements.

At the conclusion of the two-day meeting , the Board reelected Steve Frank to serve as Board Chair and reelected Bill Moran to serve as Vice-Chair.

The next scheduled meeting is December 1 - 2 in Anchorage.

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