Board Policies

A fund should adopt and adhere to a set of policies designed to guide system operations toward the achievement of stated goals within established risk tolerances. While their form may vary, a board’s key policies and procedures should include:

• Standards of conduct, ethics and conflicts of interest rules to codify the duties of fiduciaries
• An investment policy that includes goals, monitoring procedures and board risk tolerances
• Procurement guidelines that document procedures for selecting and monitoring contractors
• A privacy policy that sets forth procedures for protecting members’ confidential data
• A risk policy (or equivalent) that defines fund risks along with measures and processes

Source: National Conference on Public Employee Retirement Systems: https://www.ncpers.org/Files/2012_ncpers_best_governance_practices.pdf