Deven Mitchell

The Governance Committee meeting primarily focused on discussing and formulating recommendations regarding the WilmerHale Governance Recommendations. Key discussion areas requiring Board input included potential amendments to the annual conflict of interest disclosure process, decisions on prohibiting or modifying the process for investment referrals by Trustees, expanding the use of remote work arrangements for staff recruitment and retention, enhancing the Trustee Orientation process (including participation by existing Trustees), bolstering continuing education opportunities for staff and Board members, increasing non-meeting social opportunities for relationship building between staff and Trustees, and generating public education material clarifying the roles of staff versus Trustees in managing the Permanent Fund.

The Quarterly Meeting agenda included numerous standard reports covering CEO updates on pending matters, disclosures, staff summaries, HR activity, communications, legislative tracking, and financial performance. Key discussion points included the FY26 Budget Overview, which involved zero-based budgeting for operations, facilities, and investment management allocations, as well as discussions from the previous meetings: the approval of minutes from the September 4, 2025 Regular Meeting and the October 1-2, 2025 Annual Meeting. The agenda also featured educational sessions on Fund Performance from Callan, Overviews of Public and Private Markets, and a Risk & Compliance Review. Furthermore, the board addressed the 2026 and 2027 Board Meeting Calendars.

The Board of Trustees convened its Quarterly Meeting to discuss key organizational matters. Discussions included the Fund's performance for the first quarter of FY26, which concluded on September 30, 2025, noting a one-year return of 4.38%. Leadership reports provided updates on investment activities, operations, and priorities. Overviews of public and private markets were presented, with an in-depth review focusing on the Private Equity portfolio construction and performance. The Chief Risk and Compliance Officer confirmed that exposures remain within tolerance levels. Furthermore, the Board conducted an annual evaluation of the CEO, unanimously affirming support for his performance and leadership for the upcoming year.

The Board of Trustees reviewed the Fund's performance, asset allocation, and the Public Equities asset class. The Board discussed forwarding the proposal for a constitutional amendment to establish a single-fund endowment. The FY25 performance was reviewed, with the Fund totaling $85.1 billion. Asset allocation strategies were discussed, including the challenge of achieving a 5% real return target. Overviews of public and private markets were presented, along with an update on the Public Equities asset class. The APFC Incentive Compensation Plan was presented and reaffirmed.

The annual meeting of the Board of Trustees included reports from the CEO and CIO, covering pending board matters, trustee education, disclosures, staff summaries, financial updates, and investment management fees. Discussions also encompassed risk and compliance, asset allocation, fund performance, public and private markets overviews, and an asset class update on public equities. Additional topics included incentive compensation, election of corporate officers, and the 2026 & 2027 board meeting calendars.