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Opinion editorials Handling of Pit Appeal Calls for a Time-Out |
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opinion editorialsThis editorial first appeared in the Albuquerque Journal. It was written by editorial page staff and is unsigned as it represents the opinion of the newspaper rather than the writers
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Sunday, November 01, 2009
Diversify State Panel
Note to Bob Jacksha, the newly minted interim chief investment officer of the State Investment Council:
The bad news is you've inherited a scandal-plagued office — your predecessor resigned amid pay-to-play allegations and under threat of a no-confidence vote. The good news is perhaps the Legislature will take another shot at revamping the makeup of this group that decides how to invest about $12.9 billion in state permanent fund money.
Last year one of the council's members, Public Lands Commissioner Pat Lyons, proposed remaking the council from nine members to 13. His big concern was attendance; there wasn't a quorum at three of the 24 meetings in '07 and '08, only two people showed up at two meetings in '07 and '08 and just three people showed at four others. (A few did phone it in).
A bigger concern is that the mix of members isn't much of a mix — even though recent appointees seem highly qualified and interested in doing the public's business. The governor is the chairman. Six council members are essentially appointed by the governor. They are joined by the state treasurer and land commissioner. Lyons' plan would have at least diversified discussion by adding people appointed by party leaders in each chamber of the Legislature. Unfortunately, Richardson vetoed Lyons' recommendation after the '09 legislative session.
A gubernatorial search committee is now trying to find a replacement for ex-investment officer Gary Bland, who reluctantly stepped aside after the council's highly paid private equity adviser admitted to directing state investments for the benefit of "politically connected individuals" in New Mexico. There also have been allegations Bland directed business toward certain third-party agents. Bland has denied any wrongdoing, but it did happen on his watch.
While the search for a new investment chief proceeds, lawmakers should seriously consider revamping this important board.
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