Trustees are considering that idea and others, including an amendment to the Alaska Constitution, as they seek to increase the fund’s value.
The offices of the Alaska Permanent Fund Corp. are seen Monday, June 6, 2022 in Juneau, Alaska.
The fund’s value is critical to state finances because state law automatically transfers a percentage of the fund to the state treasury each year. That transfer accounts for more than 50% of the state’s general-purpose revenue. Former Alaska Department of Environmental Commissioner Jason Brune, appointed by Gov. Mike Dunleavy to a public seat on the board of trustees, expressed strong support for exempting the board from the state’s public meetings act, which requires advance public notice of occasions when multiple board members meet together.
The Permanent Fund Corp. is also bound by the state’s procurement code, which has led to frustration for prior management. During her tenure, former CEO Angela Rodell repeatedly said that while she needed to fill out procurement requests for pencils, she could make hundred-million-dollar decisions on investments without permission.“Traditional procurement in the context of a service organization is very awkward,” Richards said.
A constitutional amendment — several have been proposed in the current Legislature — could also head offBrune said that reaching the required legislative supermajority for a constitutional amendment will be difficult, and he reminded fellow trustees that even if lawmakers support a constitutional amendment, convincing voters will be another fight.
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