US - New regulations have been proposed for the US$154.5bn New York State Common Retirement Fund (CRF), in a move aimed at restoring confidence in its management.
They aim to improve oversight, codify high ethical standards, increase transparency and implement strong internal controls and governance of the fund, and dovetail with DiNapoli's initiatives to develop, implement and publicly disclose management standards, practices and policies.
Superintendent Dinallo said it was the first major amendment to public pension fund regulations since 1978.
He said: "The best way to protect the pension fund is with strong internal controls that can prevent problems from occurring in the first place.
"The new regulations establish those controls and our audits will determine if the controls are being followed. With these stronger regulations, our future audits will be able to reassure the people of New York that the pension fund is being properly and ethically managed, or alert them if it is not."
DiNapoli said when he joined as comptroller last year, the office had been tarnished by some serious ethical lapses at the very top of the organisation.
He said: "My uppermost priority over the past 10 months has been to restore integrity and ethics to the entire agency, starting from the top."
Di Napoli said in addition to the regulations, every month the CRF would be releasing on its website all fund transactions.
He said: "We'll provide information on every investment closed, including the nature of the investment, the amount of the investment, and the identity of the placement agent, if there is one, involved in the transaction.
"We'll report annually the cumulative amount of fees paid to each placement agent involved in a CRF investment.
"My goal is to make the Common Retirement Fund the most open, transparent accountable public pension fund New York has ever had."
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