Q: How likely is it that the treasurer would be removed as sole trustee, and what would your preferred outcome be?
A: The check and balances is oversight by the General Assembly. Itís not just, am I willing to give up authority for a different governance, but they have to give it up as well. Thatís where I am less certain how theyíre going to feel. Itís unusual for someone to want to give up authority.
Over the years, as Iíve talked to different sovereign wealth funds, be it Korea or Canada, they really have created a professional, independent board. They have the resources to pay staff, and have taken politics out of it much more so than here. And so that independence and flexibility and professionalism is what, ultimately, I want to see, whether thatís under a sole fiduciary or whether itís part of a board.
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