§ 20-1406 Powers of the comptroller.
AC § 20-1406
Subject to applicable federal and state law, including the comptroller's duties as a fiduciary to the extent required by applicable law, the comptroller shall: a. Establish an investment strategy and policy, provided that such strategy and policy shall be subject to the approval of the board. The underlying investments or investment funds selected or authorized pursuant to this section to implement such strategy, policy, and investment options shall be diversified by the comptroller consistent with such strategy and policy so as to minimize the risk of large losses under the circumstances. The comptroller may, at any time, modify such strategy, policy, and investment options, subject to the approval of the board. b. Direct the underlying investments or investment funds implementing the investment policy and strategy and investment options established pursuant to subdivision a of this section. Such underlying investments may include, without limitation, shares of mutual funds and exchange-traded funds, publicly-traded equity and fixed-income securities, and other investments available for investment by the program. When selecting and authorizing such investments, the comptroller shall consult with the board and any person retained by the board pursuant to section 20-1405 and shall, not less than once every quarter and prior to any meeting of the board that may be scheduled during such quarter pursuant to subdivision e of section 20-1402, issue a report to the board describing its activities undertaken pursuant to this section and the performance of the investments or investment funds selected or authorized pursuant to this section. The comptroller shall respond within a reasonable time to any questions raised by the board about such report. c. Enter into any contracts, agreements, or arrangements, as the comptroller may deem appropriate, with any person deemed qualified by the comptroller to assist in the selection and authorization of investments or to provide such investments or investment management services. Under any such contract, agreement or arrangement, the comptroller shall require such person to exercise the duties of a fiduciary with respect to the selection and authorization of such investments and may require such person to assume legal responsibility and liability pursuant to this chapter for functions to be performed by such person. d. Issue standards, as the comptroller may deem appropriate, concerning the receipt and safekeeping of any funds of participants held by the board or any person retained by the board pursuant to section 20-1405. e. Establish, consistent with applicable law, a plan to promote the retention of the services of minority- and women-owned business enterprises for the program. f. Conduct the annual financial audit of the retirement savings program required by subdivision a of section 20-1412 or enter into any contracts, agreements, or arrangements with any person deemed qualified by the comptroller to conduct such audit, provided that the comptroller shall take such action as may be necessary to ensure that any audit concerning subdivisions a, b, c, d, or e of this section shall be undertaken by a person independent of the comptroller. (L.L. 2021/052, 5/11/2021, eff. 8/9/2021)
