Bronner's role slightly changed for some investment procedures - WBRC FOX6 News - Birmingham, AL

Bronner's role slightly changed for some investment procedures

SOURCE: MGN Online SOURCE: MGN Online
MONTGOMERY, AL (WSFA) -

Starting February 1, Dr. David Bronner, the CEO of the Retirement Systems of Alabama, could no longer use his proxy to sign off on investments on behalf of a committee of the Employees Retirement System Board.

The Employees Retirement System Board of Control is one of two governing boards of the RSA, and it approved a resolution at a December meeting that effectively ended the practice of Bronner signing off on investment decisions on behalf of the ERS Board's Investment Committee.

In a statement, Jackie Graham, the vice-chair of the ERS and Director of the State Personnel Department said, "It is my understanding (RSA Staff) have not always had the proxies from the investment committee members so they will return to procedures used during those periods."

RSA staff which include Certified Financial Analysts and MBAs make decisions on behalf of the thousands of ERS members. Trades and investment decisions will still be made on a regular basis by RSA staff and Investment Committee members will receive digital notification of happenings and weekly updates.

Leura Canary, Chief Legal Counsel at RSA, explained that there was nothing improper about Bronner's use of proxies when it came to investment decisions, and added that the Investment Committee has the right to adjust procedures as it sees necessary.

"They were allowing Bronner to sign on their behalf which was likely more a of logistical matter because it was all done before email," Canary said.

 Stay tuned to WSFA 12 News for more on what this means for investments in the $10 billion fund.

Copyright 2014 WSFA 12 News.  All rights reserved.

  • NewsMore>>

  • Fred: A rainy weather pattern setting up

    Fred: A rainy weather pattern setting up

    Saturday, December 16 2017 11:21 AM EST2017-12-16 16:21:27 GMT
    (Source: Fred Hunter/WBRC)(Source: Fred Hunter/WBRC)
    Big weather changes will be affecting our weather in the week ahead but today sunshine remains along with temperatures a few degrees below average for both this afternoon and Sunday. We continue to see increasing clouds through tonight with overnight lows early tomorrow morning in the 32-39 degree range as the next rain maker approaches later in the day. The first rain may approach during the pre-dawn hours in Northwest Alabama but these will only be a few isolated showers. An area of...More >>
    Big weather changes will be affecting our weather in the week ahead but today sunshine remains along with temperatures a few degrees below average for both this afternoon and Sunday. We continue to see increasing clouds through tonight with overnight lows early tomorrow morning in the 32-39 degree range as the next rain maker approaches later in the day. The first rain may approach during the pre-dawn hours in Northwest Alabama but these will only be a few isolated showers. An area of...More >>
  • Fred: A cold beginning for the weekend

    Fred: A cold beginning for the weekend

    Saturday, December 16 2017 11:14 AM EST2017-12-16 16:14:43 GMT
    (Source: Fred Hunter/WBRC)(Source: Fred Hunter/WBRC)

    A ridge of high pressure will build briefly over the region today as a dry air mass remains in place, although we will see more clouds through the day.  

    More >>

    A ridge of high pressure will build briefly over the region today as a dry air mass remains in place, although we will see more clouds through the day.  

    More >>
  • Former Oneonta cop charged with multiple child sex charges

    Former Oneonta cop charged with multiple child sex charges

    Friday, December 15 2017 11:49 PM EST2017-12-16 04:49:44 GMT

    New information on a former Oneonta police officer facing new child sex charges after the department fired him back in August after being arrested for DUI.

    More >>

    New information on a former Oneonta police officer facing new child sex charges after the department fired him back in August after being arrested for DUI.

    More >>
Powered by Frankly