Florida CFO Announces 10 Recommendations to Strengthen State Board of Administration Financial Oversight
Dec 7, 2009
Florida Chief Financial Officer Alex Sink held a briefing at the Florida Capitol today, December 7, 2009, during which she outlined ten proposals intended to strengthen safeguards over Florida investments.
Previously released in March 2008, the recommendations are designed to toughen the Florida State Board of Administration’s (“SBA”) financial safeguards, increase transparency in SBA communications and strengthen board oversight of Florida’s Pension Fund.
Segregating the SBA’s risk management functions from investment decisions was one of the recommendations.
During the briefing, CFO Sink expressed her view that the SBA should be expanded to include investment and auditing professionals on the Board of Trustees. Further, she said that SBA Trustees should receive training in financial disciplines and that an independent auditing firm should be engaged to promote transparency and provide an independent analysis of the Pension Fund.
CFO Sink has approached Senator Jeremy Ring to discuss the introduction of possible legislation on this matter during the 2010 Regular Legislative Session.
Documents that were provided at the press conference are attached.
CFO Sink is expected address her recommendations in greater detail during the Florida Cabinet Meeting on December 8, 2009. A Colodny Fass representative will attend the meeting and provide a report on the proceedings. To view the Cabinet agenda, click here.
Should you have any questions or comments, please contact Colodny Fass.
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