State Treasurer Janet Cowell has announced a series of policy changes meant to increase transparency into her office.
Cowell announced four policy changes meant to increase public insight into the areas where the state's money managers interact with the private sector.
"The top priority for this administration is transparency, ethics and accountability," said Cowell, a Democrat. "These policies represent additional steps in instilling public confidence in our investment-making decisions."
The changes come after disclosures that Cowell fired her chief investment officer, Pat Gerrick. The termination came after Gerrick reimbursed Cowell's office $3,000 for personal phone calls and updated her state ethics disclosure to show that she had travel paid for by non-state employees who were managers of the state's retirement fund.
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The changes are:
* Two-year revolving door ban: The treasurer, senior executive staff and key investment division staff are prohibited from doing business with the treasurer's office for two year years after they leave employment.
* Disclosure of third-party reimbursements: Requires the treasurer, senior executive staff and key investment officers disclose third party-reimbursements for travel.
* Travel Policy changes: Prohibits third party reimbursements from a contractor or investment manager doing business with the state, requires full disclosure of reimbursements for all employees and moves approval and retention of all travel records to the Financial Operations office.
* Placement Agency policy: Requires full disclosure of external investment managers to disclose the names of placement agents as well as any fees paid to those agents.
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Re: Cowell reforms ethics policy
Pat Gerrick was also fired by the State of Indiana prior to the NC position. And, who knows if she had "problems" with other employers in the interim? Just remember that the dems gave Gerrick a nice $51,000 bonus, in addition to her $350,000 annual salary, while her investments in the state pension plan lost $17 Billion last year (20% of the pension fund's value) and lost another $4 Billion during the first quarter of this year. Don't you just love those affirmative action hires?