Report to the 86th Legislature: Sunset Advisory Commission Page: 74
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February 2019 Sunset Advisory Commission
Governance
" Require board members to receive an in-depth training regarding SLB's investment programs and
strategies, as well as a comprehensive overview of the PSF.
" Apply the standard across-the-board requirements regarding board member training, separation of
duties, public testimony, and complaints.
" Eliminate the duplicative economic impact of PSF investments reporting requirement, and continue
SLB's four other required reports.
Investments
* Require an annual joint, public meeting of SLB and SBOE to discuss the investment of the dually
managed PSF.
" Clarify in statute that all SLB assets, including cash, are part of the calculation of the 15 percent
cap in statute on SLB real estate investments, and specify the cap is measured against all assets and
cash managed or held by SLB and SBOE.
" Direct SLB to adopt rules to guide its investment policy and strategies and to align its investment
policy and strategies with those that apply to SBOE. (Management action - nonstatutory)
" Direct SLB to adopt rules for the size, membership, and responsibilities of the investment advisory
committee, including a requirement that a majority of the committee members have expertise in
the management of a financial institution or other business in which investment decisions are made.
(Management action - nonstatutory)
" Direct SLB to publicly report more detailed investment information in the PSF ComprehensiveAnnual
Financial Report and to provide SBOE a quarterly report that includes returns for the investment
benchmark and investments themselves. (Management action - nonstatutory)
" Direct SLB to document the division of responsibilities for its investment management staff.
(Management action - nonstatutory)
Contracting
* . Direct SLB to review and approve large contracts and to receive briefings from the General Land
Office (GLO) Director of Contract Management at least once a year regarding contracts under $1
million. (Management action - nonstatutory)
" Direct SLB to develop, adopt, and implement clear contract monitoring policies and include them
in the contract manual and training. (Management action - nonstatutory)
* Direct GLO to develop a training policy and provide contract management training for project
managers and other staff involved in the contracting process. (Management action - nonstatutory)Fiscal Implication Summary
Overall, the Sunset Commission's recommendations would not have a fiscal impact to the state.
74 School Land Board
Report to the 86th Legislature
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Texas. Sunset Advisory Commission. Report to the 86th Legislature: Sunset Advisory Commission, report, February 2019; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1364727/m1/86/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.