Gregory Francis

This Investment Policy Statement defines the framework for the New York State Insurance Fund (NYSIF) to manage its assets, ensuring a sound net asset position to meet liabilities and provide affordable workers' compensation insurance. Key strategic elements include a comprehensive investment philosophy and strategy focused on capital preservation, strategic asset allocation, diversification, and long-term perspective, alongside robust risk management. The policy also emphasizes performance objectives, prudent portfolio rebalancing, and a strong commitment to diversity and inclusion, including MWBE and SDVOM participation. Furthermore, it integrates ESG considerations with a goal to achieve net-zero status in investment portfolios by 2040 and promotes responsible contracting.

This Investment Policy Statement defines the framework for managing the assets of the New York State Insurance Fund (NYSIF) across its Workers' Compensation Fund, Disability Benefits Fund, and Aggregate Trust Fund. The plan outlines NYSIF's investment philosophy and strategy, emphasizing capital preservation, diversified strategic asset allocation, and comprehensive risk management to meet liabilities and generate returns. Key focus areas include investment objectives, process, risk management, and defined roles and responsibilities, with commitments to diversity and inclusion (MWBE and SDVOM firms), ESG considerations, and responsible contracting. The overarching goal is to maintain a solvent fund, ensure adequate liquidity, and provide appropriate payments to policyholders and injured workers.

The Board of Commissioners reviewed and approved updated procurement guidelines for real estate, legal services, insurance, and investments, which supersede previous policies. The meeting agenda included reports from the Executive Director and CEO, the Acting General Attorney, and the Governance and Legal Affairs and Investment Committees. The board discussed procurement policies and administrative procedures to ensure competitive and efficient selection processes for external service providers and asset managers.

The board meeting included standing reports from the Executive Director and CEO and the Acting General Attorney. The Budget and Audit Committee presented the 2024 year-end financial results, covering performance data for the Workers' Compensation Fund and the Disability Benefits Fund. The Investment Committee was also represented during the session. The meeting concluded with an executive session and a formal adjournment.

The Board of Commissioners discussed several key matters, including the introduction of new members and recognition of departing commissioners. The Executive Director provided a report covering testimony before the Senate Labor Committee and the release of an insurance publication focused on climate action. The Board also reviewed a report from the Investment Committee and held an executive session to address legal advice and personnel matters. As a result of the executive session, the Board approved the salary for the Head of ESG and Sustainable Investing.