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Board meeting - March 2020

Unless otherwise specified, meetings will be held at the following location:

CalSTRS, 100 Waterfront Place, West Sacramento, CA.
First Floor Board Room

***Public Meeting Notice***

All meeting times are approximate depending upon the end of the previous meeting.

March 4, 2020

Investment Committee - 8:30 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 1

Item 2 - Opportunities for Statements from the Public

Session: Open | Type: Informational | Presenter: Chairperson

Item 3 - Investment Insight Speaker

Session: Open | Type: Informational | Presenter: Brian Deese, Blackrock

Item 3Item 3 PowerPoint

Item 4 - Approval of Minutes of the January 30, 2020 Investment Committee Meeting – Open Session

Session: Open | Type: Consent/Action | Presenter: Chairperson

Item 4

Item 5a - Investments Policy Revisions -- Inflation Sensitive Policy

Session: Open | Type: Action | Presenter: Paul Shantic

Item 5a

Item 5b - Investments Policy Revisions -- Infrastructure Policy

Session: Open | Type: Action | Presenter: Paul Shantic

Item 5b

Item 5c - Investment Policy Revisions -- Innovation Policy

Session: Open | Type: Action | Presenter: Geraldine Jimenez

Item 5c

Item 6a - Global Equity Active Risk Budget -- Global Equity Policy Revision – First Reading

Session: Open | Type: Informational | Presenter: June Kim and Geraldine Jimenez

Item 6a

Item 6b - Global Equity Active Risk Budget -- Reporting and Monitoring

Session: Open | Type: Informational | Presenter: June Kim and Geraldine Jimenez

Item 6b

Item 7a - Open Session Semi Annual Performance Reports -- Receive General Consultant – Semi-Annual Performance Report, Period Ending December 31, 2019

Session: Open | Type: Informational | Presenter: Stephen McCourt and Mika Malone, Meketa Investment Group

Item 7a

Item 7b - Open Session Semi Annual Performance Reports -- Received Real Estate – Semi-Annual Performance Report, Period Ending September 30, 2019

Session: Open | Type: Informational | Presenter: Taylor Mammen and Ben Maslan, Robert Charles Lesser & Co.

Item 7bItem 7b PowerPoint

Item 7c - Open Session Semi Annual Performance Reports -- Received Private Equity – Semi-Annual Performance Report, Period Ending September 30, 2019

Session: Open | Type: Informational | Presenter: John Haggerty and Steve Hartt, Meketa Investment Group

Item 7cItem 7c PowerPoint

Item 8 - Chief Investment Officer’s Report – Open Session

Session: Open | Type: Informational | Presenter: Christopher Ailman

Item 8Item 8 PowerPoint

Item 9 - Review of Information Requests

Session: Open | Type: Informational | Presenter: Chairperson

Item 10 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Informational | Presenter: Chairperson

Item 10

Item 11 - Approval of Minutes of the January 30, 2020, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)

Session: Closed | Type: Consent/Action | Presenter: Chairperson

Item 12 - Confer with and Receive Advice from Fiduciary Counsel and Investment Consultants (Gov. Code, sec 11126(c)(16))

Session: Closed | Type: Informational | Presenter: Counsel and Meketa Investment Group

Item 13 - Sustainable Investment and Stewardship Strategies – Investment Strategy (Gov. Code, sec. 11126)

Session: Closed | Type: Informational | Presenter: Kirsty Jenkinson

Item 14 - Collaborative Model Strategy Update (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Informational | Presenter: Scott Chan

Item 15 - Tactical Investment Strategy Discussion (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Informational | Presenter: Investment Staff and Consultants

Item 16 - Risk Mitigating Strategies Implementation Update (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Informational | Presenter: Steven Tong and Jeffrey Jaro

Item 17a - Closed Session Semi-Annual Performance Reports -- Received General Consultant – Semi-Annual Performance Report, Period Ending December 31, 2019 (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Informational | Presenter: Stephen McCourt and Mika Malone, Meketa Investment Group

Item 17b - Closed Session Semi-Annual Performance Reports -- Receive Real Estate – Semi-Annual Performance Report, Period Ending September 30, 2019 (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Informational | Presenter: Taylor Mammen and Ben Maslan, Robert Charles Lesser & Co.

Item 17c - Receive Private Equity – Semi-Annual Performance Report, Period Ending September 30, 2019 (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Informational | Presenter: John Haggerty and Steve Hartt, Meketa Investment Group

Item 17d - Semi-Annual Report on Investment Manager Ratings (Gov. Code, sec. 11126(e))

Session: Closed | Type: Informational | Presenter: Investment Staff

Item 18 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))

Session: Closed | Type: Informational | Presenter: Brian J. Bartow

Item 19 - Consideration of Investment Decisions (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Informational | Presenter: Chairperson

 

NOTE:  Items designated for information are appropriate for committee action if the committee wishes to take action. Items on the agenda of board committees may be referred to the board for discussion and possible action. Agenda items may be taken out of order with the approval of the Chairperson. Board members who are not members of the committee may attend and observe, but may not participate in the discussion of agenda items.

Client Advisory Committee - 2:00 p.m. 

Item 1 - Client Advisory Committee Agenda

Session: Open | Type: Informational | Presenter: Grant Boyken

Audits and Risk Management Committee - 3:30 p.m. (estimate) 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 1

Item 2 - Approval of Minutes of the November 7, 2019 Audit and Risk Management Committee – Open Session

Session: Open | Type: Consent/Action | Presenter: Chairperson

Item 2

Item 3 - Progress Report on the 2019 Independent Financial Statement Auditor’s Management Letter

Session: Open | Type: Consent/Information | Presenter: Larry Jensen

Item 3

Item 4 - Internal Audit Charter Review

Session: Open | Type: Action | Presenter: Larry Jensen

Item 4

Item 5 - Financial Statement Audit Plan FY 2019-20

Session: Open | Type: Informational | Presenter: Crowe LLP

Item 5Item 5 PowerPoint

Item 6 - 2019 Internal Audit Plan Final Progress Report

Session: Open | Type: Informational | Presenter: Cheryl Dietz / Mike Dutil

Item 6

Item 7 - 2019 Enterprise Compliance Services Plan Final Progress Report and Compliance Director Update

Session: Open | Type: Informational | Presenter: Cheryl Dietz / Larry Jensen

Item 7Item 7 PowerPoint

Item 8 - FY 2020-21 Proposed Meeting Work Plan

Session: Open | Type: Informational | Presenter: Larry Jensen / Julie Underwood

Item 8

Item 9 - Review of Information Requests

Session: Open | Type: Informational | Presenter: Chairperson

Item 10 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Informational | Presenter: Chairperson

Item 10

Item 11 - Opportunity for Statements from the Public

Session: Open | Type: Informational | Presenter: Chairperson

 

NOTE:  Items designated for information are appropriate for committee action if the committee wishes to take action. Items on the agenda of board committees may be referred to the board for discussion and possible action. Agenda items may be taken out of order with the approval of the Chairperson. Board members who are not members of the committee may attend and observe, but may not participate in the discussion of agenda items.

March 5, 2020

Regular Meeting - 9:00 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 1

Item 2 - Chief Executive Officer Briefing on Performance and Personnel Issues (Gov. Code, sec. 11126(a), (b), (g))

Session: Closed | Type: Informational | Presenter: Jack Ehnes

Item 3 - Committee Reports (Gov. Code, sec. 11126) a. Investment Committee b. Appeals Committee

Session: Closed | Type: Informational | Presenter: Chairperson

Item 4 - Report on Cybersecurity

Session: Closed | Type: Informational | Presenter: Scott Tirapelle

Item 5 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))

Session: Closed | Type: Informational | Presenter: Brian J. Bartow

Item 6 - Approval of Minutes of the January 31, 2020, Regular Meeting – Closed Session (Gov. Code, sec. 11126)

Session: Closed | Type: Informational | Presenter: Chairperson

Item 7 - Regulatory Proposal – Administrative Remedy Process for Employer Audits

Session: Open | Type: Informational | Presenter: Grant Boyken / Joycelyn Martinez-Wade / Reina Minoya

Item 7

Item 8 - Chief Executive Officer Report

Session: Open | Type: Informational | Presenter: Jack Ehnes

Item 8

Item 9 - Pension Solution Project Update

Session: Open | Type: Consent/Information | Presenter: Chairperson

Item 9

Item 10 - State and Federal Legislation

Session: Open | Type: Consent/Information | Presenter: Chairperson

Item 10

Item 11a - Committee Reports: 1) Investment Committee; 2) Appeals Committee; 3) Audits and Risk Management Committee; 4) Benefits and Services Committee; 5) Board Governance Committee; 6) Compensation Committee

Session: Open | Type: Consent/Action | Presenter: Chairperson

Item 11b - Approval of Minutes of the January 31, 2020, Regular Meeting – Open Session

Session: Open | Type: Consent/Action | Presenter: Chairperson

Item 11b

Item 11c - Board Member Education

Session: Open | Type: Consent/Action | Presenter: Chairperson

Item 11c

Item 11d - Contracts Requiring Board Approval

Session: Open | Type: Consent/Action | Presenter: Chairperson

Item 11d

Item 12 - Items Referred by Committee for Board Decision

Session: Open | Type: Informational | Presenter: Chairperson

Item 13 - New Business / Review of Information Requests

Session: Open | Type: Informational | Presenter: Chairperson

Item 14 - Draft Agenda for Next Meeting

Session: Open | Type: Informational | Presenter: Chairperson

Item 14

Item 15 - Opportunity for Statements from the Public

Session: Open | Type: Informational | Presenter: Chairperson

 

NOTE:  Items designated for information are appropriate for board action if the board wishes to take action. Agenda items may be taken out of order with the approval of the Chairperson.

Compensation Committee - 11:15 a.m. (estimate) 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 1

Item 2 - Approval of Minutes of the July 12, 2019, Compensation Committee Meeting – Open Session

Session: Open | Type: Consent/Action | Presenter: Chairperson

Item 2

Item 3 - Report and Recommendations on Compensation Strategy

Session: Open | Type: Informational | Presenter: Melissa Norcia / Luis Navas, Global Governance Advisors

Item 3Item 3 PowerPoint

Item 4 - Education Session on Civil Service

Session: Open | Type: Informational | Presenter: Melissa Norcia / Kristel Turko

Item 4Item 4 PowerPoint

Item 5 - Review Information Requests

Session: Open | Type: Informational | Presenter: Chairperson

Item 6 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Informational | Presenter: Chairperson

Item 6

Item 7 - Opportunity for Statements from the Public

Session: Open | Type: Informational | Presenter: Chairperson

 

NOTE:  Items designated for information are appropriate for committee action if the committee wishes to take action. Items on the agenda of board committees may be referred to the board for discussion and possible action. Agenda items may be taken out of order with the approval of the Chairperson. Board members who are not members of the committee may attend and participate in the discussion of agenda items.

Appeals Committee - 2:00 p.m. (estimate) 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 1

Item 2 - Approval of Minutes for the January 31, 2020, Appeals Committee Meeting – Open Session

Session: Open | Type: Consent/Action | Presenter: Chairperson

Item 2

Item 3a - Consideration of Proposed Administrative Decisions -- In the Matter of the Statement of Issues Against: Victoria Richart-Povall

Session: Open | Type: Action | Presenter: James Lindsay

Item 3a

Item 3b - Consideration of Proposed Administrative Decisions -- In the Matter of the Retirement Benefits of: Bruce Ritchey

Session: Open | Type: Action | Presenter: James Lindsay

Item 3b

Item 4 - Review and Adoption of Committee Work Plan for Fiscal Year 2020-21

Session: Open | Type: Action | Presenter: Reina G. Minoya

Item 4

Item 5 - Review of Committee Charter

Session: Open | Type: Action | Presenter: Reina G. Minoya

Item 5

Item 6 - Annual Summary of Appeal Activity for Fiscal Year 2019-20

Session: Open | Type: Informational | Presenter: Ryan Dunlevy

Item 6

Item 7 - Annual Summary of Designation of Precedential Decisions for Fiscal Year 2019-20

Session: Open | Type: Informational | Presenter: Ryan Dunlevy

Item 7

Item 8 - Staff Report

Session: Open | Type: Informational | Presenter: Reina G. Minoya

Item 9 - Review of Information Requests

Session: Open | Type: Informational | Presenter: Chairperson

Item 10 - Opportunity for Statements from the Public

Session: Open | Type: Informational | Presenter: Chairperson

Item 11 - Approval of Minutes for the January 31, 2020, Appeals Committee Meeting – Closed Session (Gov. Code, sec. 11126)

Session: Closed | Type: Consent/Action | Presenter: Chairperson

Item 12 - Confer with Legal Counsel Regarding Pending Litigation (Gov. Code, Sec. 11126(e))

Session: Closed | Type: Informational | Presenter: Reina G. Minoya

Item 13a - Consideration of Proposed Administrative Decisions -- In the Matter of the Statement of Issues Against: Victoria Richart-Povall (Gov. Code, sec. 11126(c)(3))

Session: Closed | Type: Action | Presenter: Chairperson

Item 13b - Consideration of Proposed Administrative Decisions -- In the Matter of the Retirement Benefits of: Bruce Ritchey (Gov. Code, sec. 11126(c)(3))

Session: Closed | Type: Action | Presenter: Chairperson

Item 14 - Further Deliberation on In the Matter of the Audit Finding Re: Santa Clara COE and Joyce Farnam (Gov. Code, sec. 11126(c)(3))

Session: Closed | Type: Informational | Presenter: Chairperson

Item 15a - Announcement of Actions Taken on Proposed Administrative Decisions -- In the Matter of the Statement of Issues Against: Victoria Richart-Povall

Session: Open | Type: Action | Presenter: Chairperson

Item 15b - Announcement of Actions Taken on Proposed Administrative Decisions -- In the Matter of the Retirement Benefits of: Bruce Ritchey

Session: Open | Type: Action | Presenter: Chairperson

 

NOTE:  Items designated for information are appropriate for committee action if the committee wishes to take action. Items on the agenda of board committees may be referred to the board for discussion and possible action. Agenda items may be taken out of order with the approval of the Chairperson. Board members who are not members of the committee may attend and observe, but may not participate in the discussion of agenda items.