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Agenda and Meeting Material Agenda Investment Advisory Council (IAC) Wednesday, September 11, 2019, 1:00 P.M.* Hermitage Room, First Floor 1801 Hermitage Blvd., Tallahassee, FL 32308 1:00 – 1:05 P.M. 1. Welcome/Call to Order/Approval Bobby Jones, Chair of Minutes (See Attachments 1A – 1B) (Action Required) 1:05 – 1:15 P.M. 2. Opening Remarks/Reports Ash Williams (See Attachments 2A – 2E) Executive Director & CIO 1:15 – 2:15 P.M. 3. Asset Liability Review Aon Hewitt (See Attachment 3) Phil Kivarkis Kristen Doyle 2:15 – 3:15 P.M. 4. Global Equity Asset Class Alison Romano, SIO Review Tim Taylor, SIO (See Attachments 4A – 4B) Mercer Jay Love Savannah Finney Investment Advisory Council – Agenda September 11, 2019 Page 2 3:15 – 3:45 P.M. 5. SIO Updates Katy Wojciechowski, SIO DC Programs Update Fixed Income Investment Programs & Steve Spook, SIO Governance Office Update Real Estate (See Attachments 5A – 5F) John Bradley, SIO Private Equity Trent Webster, SIO Strategic Investments Walter Kelleher, Director Educational Services Defined Contribution Programs Michael McCauley, Investment Programs & Governance Officer 3:45 – 4:00 P.M. 6. Major Mandate Performance Aon Hewitt Review Kristen Doyle (See Attachment 6) 4:00 – 4:15 P.M. 7. IAC Compensation Subcommittee Bobby Jones, Chair Update (See Attachment 7) (Action Required) 4:15 – 4:25 P.M. 8. Audience Comments/December Bobby Jones, Chair Meeting Date/Proposed 2020 Meeting Dates/Closing Remarks/ Adjourn (See Attachments 8A – 8B) *All agenda item times are subject to change. 2 APPEARANCES IAC MEMBERS: STATE BOARD OF ADMINISTRATION OF FLORIDA BOBBY JONES PETER COLLINS VINNY OLMSTEAD PETER JONES GARY WENDT CHUCK COBB INVESTMENT ADVISORY COUNCIL MEETING TOM GRADY (telephonically) SEAN McGOULD (telephonically) SBA EMPLOYEES: ASH WILLIAMS, EXECUTIVE DIRECTOR KENT PEREZ TUESDAY, JUNE 18, 2019 JOHN BENTON 1:05 P.M. - 4:30 P.M. ALISON ROMANO TIM TAYLOR KATY WOJCIECHOWSKI STEVE SPOOK JOHN BRADLEY 1801 HERMITAGE BOULEVARD WES BRADLE HERMITAGE ROOM, FIRST FLOOR CLARK GRIFFITH TALLAHASSEE, FLORIDA TRENT WEBSTER DANIEL BEARD MINI WATSON WALTER KELLEHER MICHAEL MCCAULEY CONSULTANTS: GLENN THOMAS - (Lewis, Longman and Walker, P.A.) AMY MICHALISZYN - (Federated Investors) PAIGE WILHELM - (Federated Investors) REPORTED BY: JO LANGSTON LIQIAN MA - (Cambridge Associates) Registered Professional Reporter KRISTEN DOYLE - (Aon Hewitt) KATIE COMSTOCK - (Aon Hewitt) ACCURATE STENOTYPE REPORTERS, INC. 2894-A REMINGTON GREEN LANE TALLAHASSEE, FLORIDA 32308 (850)878-2221 ACCURATE STENOTYPE REPORTERS, INC. 3 4 1 INVESTMENT ADVISORY COUNCIL MEETING 1 4.61 percent. That's 95 basis points ahead of 2 2 target without any adjustments for private market 3 MR. BOBBY JONES: Ladies and gentlemen, if 3 investments. That leaves the fund balance at 4 you'll please be seated, we'll go ahead and get 4 $161.4 billion, which is 900 million above where we 5 started. Okay. Welcome to the June 18th meeting of 5 started the year, net of distributing approximately 6 the Investment Advisory Council. And first I'd like 6 3 billion in retirement benefits over that time. 7 to welcome everyone and call this meeting to order. 7 Normally -- and there's no guarantee on this, 8 Our first piece of business is the approval of the 8 but in the current market environment, unless 9 March 26, 2019, minutes, which have been sent out to 9 something changes dramatically, when we do reach the 10 the Board. I would entertain a motion for approval. 10 fiscal year end, we will then do a backward-looking 11 MR. COLLINS: So move. 11 audit of all the performance numbers and a 12 MR. PETER JONES: Second. 12 revaluation of the private market assets, which are 13 MR. BOBBY JONES: And we've got a second. All 13 done only periodically, because obviously when 14 in favor, say aye. 14 you're out appraising a very large book of real 15 (Ayes) 15 estate or getting the final valuations on 16 MR. BOBBY JONES: Motion is approved. Now, for 16 partnerships in a range of areas that we're in, 17 our opening remarks and reports from Ash Williams, 17 that's time-consuming and expensive, so we don't do 18 our executive director. 18 it every five minutes. 19 MR. WILLIAMS: Thank you, Mr. Chair, members, 19 But, normally, that exercise will add some 20 thank you all for making the trip. And now that 20 amount of incremental performance, unless we were in 21 we're into the summer storm season, glad everybody 21 an environment where valuations for some reason, 22 got here in one piece and on time. A couple of 22 there had been some event that dramatically affected 23 things. We'll open with performance. As of last 23 vals in the other direction, which one can never 24 night's close, fiscal year to date -- these are of 24 really anticipate. 25 course estimated numbers at this point -- we're up 25 Other quick items to touch on would be our ACCURATE STENOTYPE REPORTERS, INC. ACCURATE STENOTYPE REPORTERS, INC. 5 6 1 budget. The trustees passed our budget as requested 1 activity, is that they fully funded both the normal 2 at their last meeting. That went well, so we think 2 contribution for the Florida Retirement System and 3 the board continues to be well-positioned to not 3 also an actuarially indicated contribution to the 4 only manage the assets we have but our budget 4 unfunded liability. So that's positive as well. 5 contemplates managing additional money internally as 5 There were no other legislative actions that really 6 we go forward, and we're continuing to put things in 6 had bearing on us from an investment standpoint. 7 the budget that will help us hold down overhead. 7 The next item I would touch on is for the 8 One of the more interesting attributes of the 8 benefit of newer members to the IAC who have not 9 budget, I thought, was the addition of some money to 9 been with us during a full -- for a full year, the 10 put in some robotic AI to help us manage middle 10 IAC has an interesting role in addition to the 11 process sorts of things, receipts and reconciliation 11 overall policy oversight role, and it relates to our 12 of various things that are currently posted 12 compensation scheme. 13 manually. Fairly far out, but I thought it was 13 We have, I want to say, 205 employees at the 14 interesting. 14 State Board. Sixty-two of those employees are in 15 Let's see. What else? The Airbnb issue that 15 what is called our incentive compensation plan, 16 we had talked about in the fourth quarter of '18 has 16 which is something that the IAC was directly 17 been resolved. Airbnb, in fact, did not embrace the 17 involved in creating, spent the better part of six 18 policy that had been problematic, and as a 18 years developing the structure, made recommendations 19 consequence, we have removed them, with the 19 to the trustees. 20 trustees' approval, from our scrutinized list. So 20 The structure was -- the recommendations were 21 that's an example, I think, of engagement that had a 21 adopted unanimously by the trustees and have now 22 positive effect. 22 been in place for several years and have worked very 23 The next item would be the legislative session. 23 well. And the way this works is employees have one 24 The legislature came and went. And the single most 24 or both of two compensation streams, a base, a base 25 important thing for this group, reporting on their 25 salary, and in the case of the 62 people who are in ACCURATE STENOTYPE REPORTERS, INC. ACCURATE STENOTYPE REPORTERS, INC. 7 8 1 this incentive scheme, there's also an element of 1 that affects portfolio outcomes. The more senior 2 incentive compensation that is closely tied to 2 they are, so if you get to an SIO or myself, it 3 accomplishments specific to that individual's role. 3 would be a very large component would be 4 That incentive payment is in two components. 4 quantitative. 5 There is a performance component that's based purely 5 The subjective component, the decision on what 6 on investment performance. So if we were looking at 6 the rating on the subjective piece is is made by 7 one of our senior investment officers, the 7 whoever the individual reports to. So for the 62 8 performance of their individual asset class would be 8 people in the plan, that works very nicely for 61 of 9 the dominant feature. And the increment of 9 them because they all report to somebody. The 10 performance awarded there is directly dependent on 10 sixty-second person is me, and I report to the 11 the investment performance. And how that works 11 trustees. 12 through the gearing is actually laid out in the plan 12 The trustees really have indicated by the plan 13 document for the incentive plan that was adopted by 13 design that they would prefer for a subset of the 14 the trustees. 14 IAC and ultimately the entire IAC to provide that 15 There's then a subjective component as well. 15 evaluation of my performance. So the process we 16 So to the extent someone has been a good team 16 have is -- and this is all under the plan design 17 player, they've shown a lot of initiative, they've 17 that was adopted by the trustees, so it's very 18 mentored junior people, et cetera, et cetera, then 18 prescriptive.
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