Janelle Earls

The Board of Trustees discussed fund performance, the Absolute Return portfolio, and communications updates. Key actions included the approval of the Investment Policy Statement for FY27, which outlines asset allocation targets across various sectors, and the adoption of updates to the Governance Manual. Furthermore, the Board authorized budget expenditures for the upcoming fiscal year. The Ethics, Audit, and Cybersecurity Committee reviewed audit plans, financial statements, and cybersecurity audit results.

The committee reviewed the FY26 audit plan and risk assessment presented by KPMG, along with a year-to-date financial statement review. The agenda included a cybersecurity audit, an IT security framework discussion held in executive session, and an ethics update. Additionally, the committee conducted its annual self-assessment to evaluate its charter compliance and oversight responsibilities.

This guide details the Alaska Permanent Fund, a sovereign wealth fund established to convert Alaska's non-renewable oil and mineral wealth into a renewable financial resource. Managed by the Alaska Permanent Fund Corporation (APFC), its strategic direction involves preserving the Fund's principal, maximizing investment returns through diversified asset allocation, and utilizing earnings to support state services, programs, and dividends for current and future generations of Alaskans. The plan emphasizes long-term financial stewardship and adherence to robust governance and accountability.

The meeting included comprehensive reports from the Chief Executive Officer, Chief Investment Officer, and the Risk & Compliance department. The agenda covered educational sessions on private and public markets, fund performance, and absolute return asset classes. Governance committee action items were addressed. Additionally, the board reviewed investment policies, conducted a budget review including fiscal year projections and budget approval, and received presentations on benchmarking.

The committee meeting focused on several key items including the review of the FY26 KPMG audit plan and risk assessment, a review of the year-to-date financial statement, and a cybersecurity audit. Additionally, the committee discussed the IT security framework, received an ethics update, and performed an audit committee self-assessment.