BISMARCK, ND – Gov. Doug Burgum will appoint two institutional investment experts to the North Dakota State Investment Board (SIB) this summer.
“The State Investment Board members are the fiduciaries who steer the Retirement and Investment Office towards a sustainable future by adopting sound, ethical and legal governance, and financial management policies, as well as making sure the agency has adequate resources to advance its mission,” said Retirement and Investment Office (RIO) Executive Director Jan Murtha.
The terms are effective July 1, 2023. Interested parties are encouraged to complete the application on the North Dakota Boards and Commissions' website.
An ideal candidate will have c-suite or managing director level institutional asset and portfolio management experience; experience with mission/impact investing, both in theory and application; be passionate about SIB’s mission and familiar with the types of client funds it governs; be interested in exploring the intersection of financial performance and institutional impact; be comfortable discussing investment terminology and concepts, and examining alternate points of view; and have 10 years or more years of investment experience while not having a financial interest in or being employed by an entity that is primarily a dealer or broker in securities or mortgage or real estate investments.
In addition to being the oversight board for RIO, the SIB is responsible for the administration of North Dakota’s Legacy Fund, and the Public Employees Retirement System’s (PERS) and the Teachers' Fund for Retirement’s (TFFR) investment programs. The board also has contractual investment management relationships with multiple political subdivisions. As of March 31, the market value of the investments overseen by the SIB was over $19 billion.
Passed during the most recent legislative session, House Bill 1088 changed SIB’s makeup. In addition to adding the institutional investment experts, the legislation replaced the state’s insurance commissioner with the director of the office of management and budget, reduced the number of TFFR and PERS board representatives, allowed for the appointment of non-elected PERS board representation, and increased the number of state legislators on the board and made them voting members. Other SIB members include the lieutenant governor who serves as chair, the state treasurer, the commissioner of university and school lands, and the director of workforce safety and insurance.
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