Board meeting - July 2021
Unless otherwise specified, meetings will be held at the following location:
Web Conference
***Public Meeting Notice***All meeting times are approximate depending upon the end of the previous meeting.
July 8, 2021
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 01Item 2 - Opportunities for Statements from the Public
Session: Open | Type: Informational | Presenter: Chairperson
Item 3 - Approval of Minutes of the June 10, 2021, Investment Committee Meeting – Open Session
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 03Item 4a - Investment Policy Revisions - Real Estate Policy Revision – Agility for Collaborative Model – Second Reading
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 04aItem 4b - Investment Policy Revisions - Global Equity Policy Revision – Benchmark – Second Reading
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 04bItem 5 - Investment Committee Charter Review
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 05Item 6 - Annual Review of Delegation to Staff
Session: Open | Type: Consent/Information | Presenter: Chairperson
Item 06Item 7 - Report Pursuant to Assembly Bill 2833
Session: Open | Type: Consent/Information | Presenter: Chairperson
Item 07Item 8 - Collaborative Model Pillar Update
Session: Open | Type: Consent/Information | Presenter: Chairperson
Item 08Item 9 - Fiscal Year 2021-2022 Investment Committee Work Plan
Session: Open | Type: Action | Presenter: Christopher Ailman
Item 09Item 10a - Fiscal Year 2021-2022 Investment Business Plans
Session: Open | Type: Action | Presenter: Christopher Ailman
a. 10-Year Financial Plan
b. Global Equity
c. Fixed Income
d. Real Estate
e. Private Equity
f. Sustainable Investment & Stewardship Strategies
g. Inflation Sensitive
h. Investment Strategies & Risk
i. Risk Mitigation Strategies
j. Operations
k. Investment Performance & Compliance
Item 10Item 11 - Investment Policy & Management Plan Revision – Asset Allocation Weights – First Reading
Session: Open | Type: Action | Presenter: Geraldine Jimenez
Item 11Item 12 - Chief Investment Officer’s Report
Session: Open | Type: Informational | Presenter: Christopher Ailman
Item 12Item 12 PowerPointItem 13a - Investment Policy Revisions -- Fixed Income Policy Revision – Risk Budget – First Reading
Session: Open | Type: Informational | Presenter: Glenn Hosokawa and Rosie Lucchesini-Jack
Item 13aItem 13a PowerPointItem 13b - Investment Policy Revisions -- Sustainable Investment & Stewardship Strategies – Risk Budget – First Reading
Session: Open | Type: Informational | Presenter: Kirsty Jenkinson, Josh Diedesch, and Philip Larrieu
Item 13bItem 13b PowerPointItem 13c - Investment Policy Revisions -- Private Equity Policy Revision – Staff Discretion – First Reading
Session: Open | Type: Informational | Presenter: Margot Wirth and Rob Ross
Item 13cItem 13c PowerPointItem 14 - Diversity in Management of Investments
Session: Open | Type: Informational | Presenter: June Kim and LaShae Badelita
Item 14Item 14 PowerPointItem 15 - Review of Information Requests
Session: Open | Type: Informational | Presenter: Chairperson
Item 16 - Draft Agenda for the Next Committee Meeting
Session: Open | Type: Action | Presenter: Chairperson
Item 16(Closed) Item 17 - Approval of Minutes of the May 14, 2021 and June 10, 2021, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)
Session: Closed | Type: Consent/Action | Presenter: Chairperson
(Closed) Item 18 - Tactical Investment Strategy Discussion (Gov. Code, sec. 11126(c)(16))
Session: Closed | Type: Informational | Presenter: Investment Staff and Consultants
Item 19 - Risk Mitigating Strategies Implementation Update (Gov. Code, sec. 11126(c)(16))
Session: Closed | Type: Action | Presenter: Steven Tong and Jeff Jaro
Item 20 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))
Session: Closed | Type: Informational | Presenter: Brian J. Bartow
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.
July 9, 2021
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 01Item 2 - Approval of Minutes of the March 5, 2021, Audits and Risk Management Committee – Open Session - Revised
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 02Item 3 - Progress Report on the 2020 Independent Auditor’s Report on Internal Control Over Financial Reporting and Management Letter
Session: Open | Type: Consent/Information | Presenter: Chairperson
Item 03Item 4 - 2021 Internal Audit Plan Mid-Year Progress Report
Session: Open | Type: Action | Presenter: Larry Jensen/ Roseanne Oyoung
Item 04Item 5 - 2021 Enterprise Compliance Services Plan Mid-Year Progress Report
Session: Open | Type: Informational | Presenter: Cheryl Dietz
Item 05Item 6 - 2021 External Quality Assessment Review
Session: Open | Type: Informational | Presenter: Larry Jensen
Item 06Item 7 - Draft Agenda for the Next Committee Meeting
Session: Open | Type: Informational | Presenter: Chairperson
Item 07Item 8 - 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.
Item 1 - Approval of Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 01Item 2 - Proposed Fiscal Year 2021-22 Board/Committee Meeting Work Plan
Session: Open | Type: Action | Presenter: Chairperson
Item 02Item 3 - CalSTRS Annual Business Plan for 2021-22
Session: Open | Type: Informational | Presenter: Cassandra Lichnock
Item 03Item 03 PowerPointItem 4 - State and Federal Legislation
Session: Open | Type: Informational | Presenter: Joycelyn Martinez-Wade
Item 04Item 5 - Pension Solution Project Update
Session: Open | Type: Informational | Presenter: Prashant Mittal
Item 05Item 6 - Chief Executive Officer Report
Session: Open | Type: Informational | Presenter: Cassandra Lichnock
Item 06Item 7a - 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 7b - Approval of Minutes of the June 9, 2021, Regular Meeting Open Session
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 07bItem 7c - Board Member Education - Revised
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 07cItem 7d - Contracts Requiring Board Approval
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 07dItem 7e - Review of CEO Delegation
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 07eItem 7f - Review of Board Officer and Committee Delegation
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 07fItem 8 - Items Referred by Committee for Board Decision
Session: Open | Type: Informational | Presenter: Chairperson
Item 9 - New Business / Review of Information Requests
Session: Open | Type: Informational | Presenter: Chairperson
Item 10 - Draft Agenda for Next Meeting - Revised
Session: Open | Type: Informational | Presenter: Chairperson
Item 10Item 11 - Opportunity for Statements from the Public
Session: Open | Type: Informational | Presenter: Chairperson
Item 12 - Evaluation of CIO Base Salary Adjustment (Gov. Code, sec. 11126(a), (b), (g)(1))
Session: Closed | Type: Action | Presenter: Chairperson
Item 13 - Setting of CEO Performance Targets for the 2021-22 Performance Year (Gov. Code, sec. 11126(a), (b), (g))
Session: Closed | Type: Action | Presenter: Chairperson
Item 14 - Approval of Minutes of the June 9, 2021, Regular Meeting – Closed Session (Gov. Code, sec. 11126)
Session: Closed | Type: Consent/Action | Presenter: Chairperson
Item 15 - Committee Reports (Gov. Code, Sec. 11126) a. Investment Committee b. Appeals Committee
Session: Closed | Type: Consent/Information | Presenter: Chairperson
Item 16 - Chief Executive Officer Briefing on Performance and Personnel Issues (Gov. Code, sec. 11126(a), (b), (g))
Session: Closed | Type: Informational | Presenter: Cassandra Lichnock
Item 17 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))
Session: Closed | Type: Informational | Presenter: Brian J. Bartow
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.