Florida’s State Board of Administration Audit Committee Meeting Report–November 29, 2010
Nov 30, 2010
Florida’s State Board of Administration (“SBA”) Audit Committee (“Committee”) met in Tallahassee on November 29, 2010. The following is a brief summary of some of the pertinent items that were discussed:
SBA Executive Director and Chief Investment Officer Ash Williams reported on a recent Securities and Exchange Commission inquiry into hedge fund insider trading allegations, explaining that the investigation’s impact is unknown at this time because the fact-gathering process is just beginning.
In relation to Florida’s investments, he noted that the State Pension Fund is generally in “good shape.”
The SBA’s two primary priorities for the 2010 Florida Legislative Session will be to re-enact the sunset provision of its public records exemption and increase the statutory ceiling for alternative investments.
The Committee discussed activities associated with its audit of real estate holding companies.
Representatives from the SBA’s external auditor presented a proposed financial statement format showing the SBA’s share in real estate joint ventures.
The next SBA Audit Committee meeting is scheduled for January 3, 2011. At this meeting, the external auditor is expected to review its audit results of the Florida Hurricane Catastrophe Fund.
To access an audio file of the November 29 meeting, click here.
To view a copy of the recently released SBA Annual Investment Report, click here.
Should you have any questions or comments, please contact Colodny Fass.