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TALLAHASSEE, FL – Attorney General Bill McCollum today sent a letter to Senate President Jeff Atwater and House Speaker Larry Cretul, calling for an expansion of the State Board of Administration’s Investment Advisory Council (IAC). In his letter, the Attorney General stated that expanding the IAC would provide additional expertise, special knowledge, and familiarity with financial investments and portfolio management.

“As a constitutionally established trustee of the State Board of Administration, I recognize the importance of the Board’s fiduciary duty to protect the financial future of all Florida Pension fund participants,” wrote the Attorney General. “By bolstering the membership of these highly skilled and effective professionals, we add additional oversight to the State Board of Administration fund management.”

The Attorney General also encouraged the Speaker and the Senate President to codify the current ethics policies of the State Board of Administration (SBA), strengthening the standards of conduct for state board employees and members of the IAC. Finally, the Attorney General called on the Legislature to formalize the existing SBA Audit Committee and the Office of Internal Audit and require that an annual financial statement audit to be conducted by the state Auditor General’s office.

The IAC provides expert financial advice to the State Board of Administration, which is responsible for managing Florida’s state pension fund and numerous other investments.

A copy of the Attorney General’s letter to the Senate President is available online at: http://myfloridalegal.com/webfiles.nsf/WF/MRAY-7WNK7T/$file/LettertoSenatePresident.pdf