Wednesday, February 27, 2013

Transcription

1 Wednesday, 30 Van Ness Avenue, Suite 3000 San Francisco, CA :00 AM City and County of San Francisco Employees Retirement System SPECIAL GOVERNANCE COMMITTEE MINUTES MISSION STATEMENT San Francisco City and County Employees Retirement System is Dedicated to Securing, Protecting and Prudently Investing the Pension Trust Assets, Administering Mandated Benefit Programs, and Providing Promised Benefits. COMMITTEE MEMBERS Chair Commissioner Brenda Wright Commissioners Commissioner Malia Cohen Commissioner Joseph Driscoll Jay Huish Executive Director

2 Page 2 of 7 Roll Call: Commissioner Malia Cohen Absent Commissioner Joseph Driscoll 10:00 Commissioner Brenda Wright 10:00 Public Comment: Commissioner Wright reviewed the procedures for public comment. There were no comments from the public Action Item Review and Approval of the Minutes of the November 14, 2012 Governance Committee Meeting Documents provided to the Committee prior to the current meeting: Draft Minutes Action: Moved by Commissioner Driscoll, Seconded by Commissioner Wright to Approve the Governance Committee Minutes of the November 14, 2012 Meeting Ayes: Driscoll, Wright Absent: Cohen Discussion Item Review and Approval of the Calendar Year 2011 Governance Report meeting: Draft 2011 Governance Report Mr. Huish noted that the Retirement board has established a comprehensive governance framework containing policies and terms of reference designed to guide the Retirement Board and the Executive Director in governing and managing SFERS. The terms of reference identify the primary responsibilities of the Retirement Board, its officers, committees, and the Executive Director; and the governance policies provide guidance on how the Retirement Board is expected to carry out its duties. Cortex, the Board s governance consultant, annually collects and compiles materials related to its review of the Retirement Board and the Retirement staff s activities and practices during Calendar Year 2011 related to the SFERS governance framework. The Committee engaged in a question and answer session.

3 Page 3 of 7 The Committee requested further review of the actuarial audit requirement at their next meeting. The Committee tentatively scheduled a meeting for Wednesday, March 27 th, at 2:00 PM. The Committee submitted the Calendar Year 2011 Governance Report to the full Board for their review and acceptance Discussion Item Review and Approval of the Calendar Year 2012 Governance Report meeting: Draft 2012 Governance Report Mr. Huish noted that the Retirement board has established a comprehensive governance framework containing policies and terms of reference designed to guide the Retirement Board and the Executive Director in governing and managing SFERS. Cortex, the Board s governance consultant, annually collects and compiles materials related to its review of the Retirement Board and the Retirement staff s activities and practices during Calendar Year 2012 related to the SFERS governance framework. Mr. Iannucci noted that the Board s Operations Policy requires the establishment of designated meeting dates and times, and may need to be adjusted to conform to the current practice. Mr. Iannucci noted that the Board orientation procedures should be modified to allow more flexibility. Commissioner Wright recommended documentation of completion of orientation activities for new Board members and report of completion to the full Board. Staff was directed to present a revised policy to the Committee. The Committee engaged in a question and answer session. The Committee discussed the Strategic Planning Policy and

4 Page 4 of 7 recommended that the policy be reviewed and amended to require annual updates. The Committee discussed the Executive Director Performance Evaluation Policy and noted that the Personnel Committee is currently addressing this issue. The Committee submitted the Calendar Year 2012 Governance Report to the full Board for their review and acceptance Discussion Item Review and Approval of 2012 Board Education Needs Assessment Survey Results meeting: Draft 2012 Board Education Needs Assessment Survey Results Mr. Huish noted that in accordance with the Retirement Board s Education Policy, each year, all Board members are required to complete the Board Education Needs Assessment Survey. The 2012 survey was issued to all five Retirement Board members who were serving on the Retirement Board as of July Mr. Iannucci presented a summary of the results for the Committee s consideration and adoption. Commissioner Wright recommended revising the survey to provide more specific results in the future. The Committee discussed customized internal versus external training options to address the survey results. Commissioner Wright recommended that the survey results be prioritized and matched with educational opportunities. Mr. Huish reviewed the proposed in-house education schedule for calendar year The Committee submitted the 2012 Board Education Needs Assessment Survey Results to the full Board for their review and acceptance.

5 Page 5 of Discussion Item Review and Approval of 2013 Board Education Plan meeting: Draft 2013 Board Education Plan Mr. Huish noted that in accordance with the Retirement Board s Education Policy, Retirement staff and Cortex Applied Research, the Board s governance consultant, have prepared a draft 2013 Board Education Plan for the Governance Committee s consideration. The Committee discussed revisions to the plan and deleted the proposed language related to the City and County operating environment. The Committee submitted the 2013 Board Education Plan to the full Board for their review and acceptance Discussion Item Review and Approval of 2012 Board Self-Evaluation Survey Results meeting: Draft 2012 Board Self-Evaluation The Committee submitted the 2012 Board Self-Evaluation Survey Results to the full Board for their review and acceptance.

6 Page 6 of Discussion Item Discussion of Board Self-Evaluation Policy meeting: Consultant Memorandum Mr. Iannucci reviewed possible approaches to conducting a Board self-evaluation, including: peer-to-peer evaluation; staff input; and, third-party evaluator. The Committee engaged in a question and answer session. Commissioner Wright noted the importance of improving the effectiveness of the Board, and as a good governance practice recommended the consideration of an outside evaluator to assist the Board in addressing the issues raised in the survey results Discussion Item Review of Code of Conduct Policy meeting: Current Code of Conduct Policy and Sample Code of Conduct Mr. Huish noted that the Board s Code of Conduct was last reviewed and amended by the Retirement Board in The current Code of Conduct provides for the Board s review at least every three years to ensure that it remains relevant and appropriate. Mr. Iannucci reviewed the provisions of the current Code and provided examples of alternative policies. This item was continued for discussion at the next meeting, staff was directed to prepare a revised policy.

7 Page 7 of Adjournment There being no further business, the Committee adjourned its meeting at 12:15 PM. Respectfully submitted, Jay Huish Executive Director