WA State Investment Non-Voting Board Member

  • $50.00 per Board meeting, plus expenses
  • Olympia, WA, USA Olympia WA US
  • Contract, Part time
  • Washington State Investment Board
  • 27 Jul 18 2018-07-27

The Washington State Investment Board (WSIB or Board) is seeking candidates to fill a non-voting Board member vacancy for a 3-year term, renewable at the discretion of the voting members. REQUIREMENTS: Candidates must reside in Washington State and must possess relevant real estate institutional investment management experience.

Statutes provide for a balanced board with ten voting members representing each of the key system stakeholders, including five beneficiary representatives, two legislators, the administrators of the retirement and industrial insurance systems, and the state treasurer.  The voting members are advised by five non-voting members with investment expertise.

The five non-voting members are considered experienced and qualified in the field of investments.  The non-voting experts, selected by the voting members, advise the voting members on matters of investment policy and practice and bring varying levels of investment expertise to their roles.  They are to be independent of staff and consultants. 

Members of the Board are fiduciaries, and the Board’s mission is to manage investments for retirement and public trust funds with the highest standard of professional conduct for the exclusive benefit of fund beneficiaries. 

Statute stipulates specific responsibilities of the Board, as follows:

The Board shall establish investment policies and procedures designed exclusively to maximize return at a prudent level of risk.

The Board shall invest and manage the assets entrusted to it with reasonable care, skill, prudence, and diligence under circumstances then prevailing which a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an activity of like character and purpose.

The Board shall consider investments not in isolation, but in the context of the investment of the particular fund as a whole and as part of an overall investment strategy, which should incorporate risk and return objectives reasonable for that fund.

The non-voting experts advise the voting members on matters of investment policy and practice, and the Board seeks a balance of expertise across its five non-voting Board members.  Successful candidates for this specific non-voting Board member position will possess relevant real estate institutional investment management experience. 

Public equity – Asset class in which individuals and/or organizations can buy ownership in shares/stock of a company through a public market such as the New York Stock Exchange.  The WSIB invests in both U.S. and international equity with different investment strategies for each market

Private equity – Investments include securities that are not listed on a public exchange and are not easily accessible to most individuals, which range from initial capital in start-up enterprises to leveraged buyouts of mature corporations.

Fixed income – Investments offering diversification from a pure equity portfolio to help control overall volatility.  Examples include U.S. Treasury Securities, government agency securities, Treasury Inflation Protection Securities, corporate debt, mortgage-backed securities, collateralized mortgage obligations, asset-backed securities, and commercial mortgage-backed securities.

Real estate – Investments in the WSIB’s real estate program consist of an externally-managed selection of partnership investments intended to provide alternative portfolio characteristics as compared to stock and bond investments.

Tangible assets – Investments are intended to provide diversification and current income to the portfolio.  The categories of investments in this asset class are agriculture, commodities, infrastructure, natural resource rights, and timber.

• Established business or investment professional.
• Well-respected in the industry and community.
• Impeccable integrity.
• No conflicts of interest.
• Ability to give advice in a way the Board can receive it.
• Strong interpersonal skills with a high level of acceptance, cooperation, and mutual regard - ability to build constructive working relationships with a diverse Board.
• Balanced thinking that combines analysis, wisdom, experience, and perspective.
• Time to serve, including adequate time for meeting preparation and regular attendance at monthly Board and committee meetings.

• A cover letter specifying how you meet the desired areas of expertise and each of the desired characteristics listed above (no more than two pages).
• A current chronological resume.
• A list of at least five professional references, including current contact information.  References will not be contacted without the consent of the applicant.

Submit materials by email, or postal service to:  Washington State Investment Board, Attention Stacy Conway, 2100 Evergreen Park Drive SW, PO Box 40916, Olympia, WA 98504-0916.  Please send emails to stacy.conway@sib.wa.gov.

Applications will be screened to determine who will be interviewed.