Pandemic Spurs SERS to Increase Accessibility
SERS has demonstrated a longstanding commitment to transparency, accountability, and trust through its public access of financial reports, availability of investment information, and reporting of its monthly Board meetings. As a responsible steward of SERS’ assets, the System continually looks for ways to widen the scope of this commitment.
Earlier this year, in response to the gathering size limitations triggered by the COVID-19 pandemic, the Board began streaming Board meetings via Zoom. Since implementing virtual meetings, public attendance at Board Meetings has increased more than four times the levels prior to virtual meetings.
While the Board has resumed in-office meetings, we are dedicated to providing access and transparency to our membership and stakeholders. Therefore, SERS will continue to broadcast its Board meetings via Zoom. The login information is posted within the Board Agenda on the Board of Trustees page of our website prior to each Board meeting.
Our commitment to transparency extends to the investment realm, as well.
SERS was a charter member of the Institutional Limited Partners Association (ILPA), an organization of institutional investors devoted to improving the level of investment fee disclosure and transparency in private markets investments such as private equity. In 2016, SERS helped lead the way in the development and adoption of the ILPA fee reporting template which provides not only enhanced disclosure but also consistency in fee reporting. SERS has implemented the ILPA reporting template across its private markets portfolios.
In addition, since 2012, SERS has lowered investment fees of the Total Fund by nearly 20% and, effective July 1, 2020, SERS no longer has a dedicated allocation to multi-asset strategies (hedge funds) which often have higher fees than other investment strategies.
Each month following the Board meeting, we publish a summary of any Board decisions and an investment fund update. To get the latest Board news delivered right to your inbox, simply subscribe to our mailing list.