New Jersey § 52:18a-91

§ 52:18a-91.

a. The State Investment Council shall consult with the Director of the Division of

Investment from time to time with respect to the work of the division. It shall have access to all files and records of the division and may require any

officer or employee therein to provide such information as it may deem necessary in

the performance of its functions. The council shall have authority to inspect and audit the respective accounts and

funds administered through the Division of Investment. It shall formulate and establish, and may from time to time amend, modify or repeal,

such policies as it may deem necessary or proper, which shall govern the methods,

practices or procedures for investment, reinvestment, purchase, sale or exchange transactions

to be followed by the Director of the Division of Investment established hereunder,

except that the provisions of this subsection shall not apply to the operations account

of Common Pension Fund L established pursuant to section 6 of P.L.2017, c. 98 ( C.5:9-22.10 ). Notwithstanding any provision of the “Administrative Procedure Act,” P.L.1968, c.

410 ( C.52:14B-1 et seq. ) to the contrary, the council may adopt, immediately upon filing with the Office

of Administrative Law such policies and regulations relating to the investment account,

established pursuant to section 6 of P.L.2017, c. 98 ( C.5:9-22.10 ), as are necessary to implement that section, which regulations shall be effective

for a period not to exceed 12 months following adoption, and may thereafter be amended,

adopted, or readopted by the council in accordance with the requirements of the “Administrative

Procedure Act,” P.L.1968, c. 410 ( C.52:14B-1 et seq. ). b. On or before January first of each year, and at such other times as it may deem

in the public interest, the council shall report to the Governor, the Legislature,

and the State Treasurer with respect to its work and the work of the Division of Investment. In addition to the reports specified above and in section 14 of P.L.1950, c. 270

( C.52:18A-92 ), the council shall issue a report by March 1 of each year on the investment activities

for the prior State fiscal year, which shall include a summary of the current investment

policies and strategies of the council and those in effect during the prior State

fiscal year, a detailed summary for each financial product of the amount invested,

performance benchmarks, and actual performance during the State fiscal year. The report shall be submitted to the Governor, the Legislature, and the State Treasurer,

and shall be made available to the public through the official Internet site of the

State. In addition, the council shall issue a report listing, in the aggregate and segregated

by asset class, the investment returns achieved by the State-administered retirement

system funds under the council's supervision by external managers. As part of any contract between the council and an external manager for the investment

of State-administered retirement system funds executed after the effective date of P.L.2017, c. 277 , the council shall require the external manager to disclose the rate and amount of

fees charged by the external manager, including performance-based earnings and carried

interest. The council shall include such rate and fees in the council's report and shall submit

the report to the boards of trustees of each State-administered retirement system

mentioned in the report and to the Division of Pensions and Benefits, which shall

post the report on its Internet website in the same location as other reports and

analyses produced by the division. c. The council shall hold a meeting each year that shall be open to the public, and

shall accept comments from the public at such meeting. The matters that shall be open to discussion and public comment during this annual

meeting shall include the investment policies and strategies of the council, the investment

activities of the council, the financial disclosure statements filed by council members,

and the certification of contributions filed by external managers, as well as other

appropriate matters concerning the operations, activities and reports of the council. d. An external manager shall be required to file a certification before being retained,

and annually thereafter, that discloses the political contributions made, during the

12 months preceding the certification, by the manager or the manager's firm, or a

political committee in which the manager or firm was active. The certification shall specify the political contributions made to candidates for

elective public office in this State and any political committee established for the

support of such candidates, and contributions made for the transition and inaugural

expenses of any candidate who is elected to public office. As used in this subsection, “ contribution ” and “ political committee ” shall have the meaning set forth in “The New Jersey Campaign Contributions and Expenditures

Reporting Act,” P.L.1973, c. 83 ( C.19:44A-1 et al.). This certification shall be in addition to any other such disclosure required by

law or executive order of the Governor.