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STATE COMPENSATION INSURANCE FUND
BOARD OF DIRECTORS

Investment and Risk Committee

May 18, 2023
8:00 a.m.

State Compensation Insurance Fund
Learning Center, 1010 Vaquero Circle
Vacaville, CA 95688

COMMITTEE MEMBERS
Sen. Michael J. Machado (Ret.), Chair
Richard J. Guggenhime
David M. Lanier
William M. Zachry

AGENDA

OPEN SESSION May 18, 2023 @ 8:00 a.m.
 
Action/Michael Machado 1. Call to Order and Roll Call
     
Action/Michael Machado 2. Antitrust Admonition
     
Action/Michael Machado 3. Consent Calendar1
 
  1. Approval of February 15, 2023 Open Meeting Minutes
  2. Approval of Investment Transactions
     i . Bond Transactions
     ii. Compliance Report
  3. Annual Review and Approval of Investment and Risk Committee Charter
  4. Approval of Investment Policy Statement and Guidelines Resolution
 
Information/Stephanie Chan 4. Report on Bank Accounts, Cash Management Holdings, and Long-Term Investment Holdings
(amended)
 
Information/Michael Machado 5. Public Comment on Appropriateness of Closed Session for Items 8 through 13
 
Information/Michael Machado 6. Public Comment
 
CLOSED SESSION  
 
Action/Michael Machado 7. Approval of February 15, 2023 Closed Meeting Minutes
     
Information/DWS 8. Investment Manager’s Investment Strategy
[Government Code Section 11126(j)(4)]
     
Information/Stephanie Chan 9. Portfolio Performance Results
[Government Code Section 11126(j)(4)]
     
Information/Stephanie Chan 10. Annual Review of Investment Manager’s Performance, Services, and Results
[Government Code Section 11126(j)(4)]
     
Information/Peter Guastamachio, and Stephanie Chan 11. Financial and Investment Considerations Related to the Strategic Plan
[Government Code Section 11126(j)(4)]
 
  1. Environmental, Social and Governance (ESG) Investments
  2. Update on Alternative Investment Contract Process
  3. Strategic Discussion of Investment Policy Statement and Guidelines (Short-Term and Long-Term Investments)
  4. Strategic Asset Alliance Study
     
Information/Ken Van Laar and Randy Hogan 12. Enterprise Risk Management (ERM) Update
[Government Code Section 11126(j)(4)]
     
Information/Ken Van Laar and Ajay Wadhwa  13. Risk Considerations Related to the Strategic Plan
[Government Code Section 11126(j)(4)]
 
  1. Update on Security Plan
 
OPEN SESSION 11:30 a.m. or upon adjournment or recess of the Closed Session, whichever is later.
 
Action/Michael Machado 14. Call to Order and Roll Call
 
Information/Michael Machado 15. Committee Member Presentations
(Oral update)
 
Information/Michael Machado 16. Proposals and Suggestions for August 2023 Agenda
    Next Committee Meeting: Sometime the week of
August 14-18, 2023, Omni Hotel San Diego, California, unless noticed for a new date and time.
 

1Items on the Investment and Risk Committee Consent Calendar include routine actions that will be enacted by one motion and a majority vote. There will be no separate discussion of these items unless a Committee Member or the public so requests. It is in the Committee’s discretion to remove items from the Investment and Risk Committee Consent Calendar. Any item removed from the Consent Calendar will be considered in its normal sequence on the agenda. If you wish to have an item removed from the Consent Calendar, please send an email to CommitteeMeetings@scif.com. After an item, if any, is removed from the Consent Calendar, the Committee will vote to approve all items remaining on the Consent Calendar.

Note: Items designated as “information” are appropriate for Board/Committee action if the Board/Committee wishes to take action. Any agenda item from a properly noticed Committee meeting held prior to the Board meeting may be considered by the Board. Agenda items may be taken out of order with the approval of the Chairperson. 

Public comment may be sent via email to CommitteeMeetings@scif.com. Public Comment that is related to the agenda item, which seeks public comment, will be read to the Board/Committee.  Language that is not socially appropriate will not be read or otherwise communicated at the meeting.  Thank you for your courtesy.