Message from the Executive Director (STRS): Damon addresses Sidaway case and possible future charges against STRS individuals (a finger in the dike?)

From Damon Asbury

April 17, 2006

In June 2005, we shared with our membership -- through our Web site and e-mail news service -- that former State Teachers Retirement Board member Hazel Sidaway had been charged with six misdemeanor violations of state ethics laws. On Friday, April 14, 2006, Mrs. Sidaway was convicted of two misdemeanor ethics violations in Franklin County Municipal Court. She was found guilty of accepting two tickets to a Broadway show in 2003 and four Cleveland Indians tickets in 2001. Mrs. Sidaway served on the board from September 1986 through June 2003.

There may be charges filed against other board or staff members. As in the case of Mrs. Sidaway, due process will take its course. But what is most important for STRS Ohio members to know at this time is our unwavering commitment to maintaining the trust and confidence of our members and other system stakeholders. We have comprehensive policies, procedures and safeguards in place to ensure that both current and potential vendors and all associates know that any gifts, regardless of their value, are strictly prohibited. These include adoption of an ethics policy; ethics training for both board and staff members by Ohio Ethics Commission staff; annual filing of financial disclosure statements by all board members, the executive director and key staff with the Ohio Ethics Commission; a proactive stance with vendors communicating the prohibition of gifts of any kind or amount; and strict board and staff travel policies that clearly delineate expense parameters for food and lodging and limits on overall expenditures.

It is both unfortunate and regrettable that these past events occurred. However, there are no indications our members' pension funds were ever adversely impacted by these actions or that investment decisions were ever made as a result of a dinner, sporting tickets, etc.

Those of you who are frequent readers of our newsletters and e-mails, or frequent visitors to our Web site, know that we have endeavored to share all issues of importance with you, even those that are not easy to address. My staff and I have also spoken face-to-face with thousands of you during the past several years, to ensure the lines of communication between this system and its membership emphasize dialogue and the sharing of issues of concern to us all. We will continue to do so, as we believe this is the best way to ensure that your trust and confidence in your pension system is maintained.

Damon F. Asbury Executive Director
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