A new report from Funston Advisory Services examines transparency and disclosure across 67 different state public retirement funds and concludes that “what separates the leaders is not resources or statute,” but rather a “deliberate decision, made by a board, about what to disclose and how.”
The report used Funston’s InGov* Transparency protocol to assess the state retirement systems against a standard of best practice and found three outstanding data points: reporting foundations are solid, mature and broadly consistent; disclosures of investment fees and risks are a marked shortfall; and that disclosure often lacks the governance policies that should anchor it.”
Lieff Cabraser Of Counsel Matthew Jacobs served as a reviewer of the report. The full report is available online here.
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