Executive Director Limitations: New STRS policy adopted by Board
Originally introduced by Board member John Lazares, this policy was adopted at the February 16, 2006 Board meeting, passing with a vote of 9 - 0 (two members absent). THANK YOU, JOHN!Policy Title: General Executive Constraints
The Executive Director shall not cause nor allow any act, decision, activity or circumstance that is imprudent, in violation of commonly accepted business and professional ethics, or a breach of fiduciary responsibility.
The Executive Director shall also inform the Retirement Board of any known material violation of commonly accepted business or professional ethics, or a breach of fiduciary responsibility by a business or professional vendor or contractor engaged by STRS Ohio. Material violations are interpreted to mean a finding or conviction by a state or federal agency or court, or a settlement in which the vendor admits to wrongdoing.
The Executive Director shall monitor and notify the Board when an STRS Ohio vendor admits to, or is found to have committed, a material violation of business or professional ethics and to recommend a course of action to the Board. Monitoring shall include ongoing review of agency actions (e.g., Pensions and Investments, FundFire, Compliance Review, etc.).
A. The Board's Fiduciary Obligations including those set forth in Section 3307.15 of the Ohio Revised CodeB. Nature of the ViolationC. Impact of the Violation on STRS OhioD. Materiality of the ViolationE. Terms and Conditions of STRS Ohio's Contract with the Vendor or ContractorF. Confidentiality of Information and Impact on Investments