Public School Fund Investment Board

March 1, 2017 2:00 P.M. Board Meeting Public School Fund Investment Board 1127 Sherman Street, Second Floor Conference Room Denver, Colorado 80203

Agenda

Public School Fund Investment Board Members

Walker Stapleton – Colorado State Treasurer (Board Chair) Jackie M. Hawkey – Dividend Capital Frederick Taylor – Northstar Investment Advisors John Hereford – Oakleaf Energy Partners On phone Gregory Moffet – State Land Board Commissioners

I. Call to Order

II. Roll Call-Present: Walker Stapleton, Jackie M. Hawkey, Frederick Taylor, John Hereford and Gregory Moffet (via telephone). Also present were Bill Ryan, Heidi Dineen, Erin Gallegos and Charles Scheibe.

III. Approve Agenda – Agenda acknowledged and reviewed by all board members.

IV. Review and Approval of Minutes – Minutes will be approved at the next meeting.

V. Action Items a. Staffing and the use of outside counsel going forward The board discussed hiring outside counsel or if they should continue to use the Attorney General’s office. Some members are in favor of using outside counsel for the conflict of interest and the fiduciary/ administrative support. Also discussed were the board’s budget and the issue of not having any funds until July 1, 2017.

b. Obtaining samples of conflict of interest policies to review and ultimately adopt. The board discussed if they should adopt a conflict of interest policy or hire counsel to create one. If the board would like to adopt a conflict of interest policy they could use the land board’s interest policy and tweak it. Heidi will look at the laws and send it to the board. The board will be able to vote on the conflict of interest policy during the next meeting. c. Timeline for drafting and adoption of an investment policy. Callan will reach out to Maruti to discuss the placeholder policy and the longer term policy. They will also discuss Callen’s function with the board.

d. Board Education – discuss establishing a framework for regular board working sessions on market trends, product offerings and review of best practices examples. Heidi suggested adopting a standard operations manual.

e. General 12 month objectives and setting of meeting calendars.

VI. Meeting Schedule - Discussed having a phone call on March 15th to discuss the conflict of interest, investment policy and spending. Callan Launch meeting will be on April 11th. The board will look at their calendars on May 8th to schedule the summer meetings.

VII. Public Comment – There were no public comments

VIII. Executive Session – Motion by Walker Stapleton to enter executive Session at 3:03 pm. Motion passed unanimously.

IX. Board Adjournment – Adjourned 3:25 pm