A newly-created State of Michigan Investment Board will now exercise supervisory functions over the state’s $70 billion investment fund. The Board will hold open meetings four times a year to make investment decisions, evaluate the fund’s performance ,and set funding goals.
Here is part of the AP report in Crain’s Detroit Business:
State Treasurer Nick Khouri was previously the sole fiduciary of the investment, with the help of an advisory committee, but he told the Lansing State Journal that such arrangements are increasing a thing of the past. “This idea of having a single person responsible for the investments has really gone out the window in the last few decades,” Khouri said.
He will be the chair of the new five-member investment board, which also includes the state budget director and three gubernatorial appointees. The executive order that created the board specifies that the unpaid board members will serve four-year terms.
(Michigan Governor Rick )Snyder recently announced that the appointees are Dina Richard, senior vice president of treasury and chief investment officer for Trinity Health; James Nicholson of Detroit, chairman of PVS Chemicals Inc.; and Reginald Sanders of Portage, director of investments for the W.K. Kellogg Foundation.