POSITION DESCRIPTION

Transcription

1 State of Michigan Civil Service Commission Capitol Commons Center, P.O. Box Lansing, MI Position Code 1. SENMGEXC POSITION DESCRIPTION This position description serves as the official classification document of record for this position. Please complete the information as accurately as you can as the position description is used to determine the proper classification of the position. 2. Employee's Name (Last, First, M.I.) 8. Department/Agency TREASUR CENTRAL PAROLL 3. Employee Identification Number 9. Bureau (Institution, Board, or Commission) Investments 4. Civil Service Position Code Description 10. Division Senior Management Executive Compliance and Corporate Governance 5. Working Title (What the agency calls the position) 11. Section Senior Management Executive Name and Position Code Description of Direct Supervisor 12. Unit BRACKENBUR, ROBERT L; SENIOR DEP CHIEF INVEST OFFCR 7. Name and Position Code Description of Second Level Supervisor 13. Work Location (City and Address)/Hours of Work BRAEUTIGAM, JON M; SENIOR CHIEF INVESTMENT OFFCR Coolidge Road, Suite 400, East Lansing, MI / 8:00am - 5:00pm 14. General Summary of Function/Purpose of Position The Senior Management Executive of the Compliance & Corporate Governance (CCG) Bureau is responsible for developing, implementing, and maintaining a sound Investment Compliance Program for the State of Michigan Retirement Systems (SMRS) pension fund pursuant to PA 314 of 1965, and various trust and agency funds. The position provides legal support and counsel in the monitoring, evaluation, and oversight of securities fraud litigation matters; provides legal counsel research, analysis and drafts proposed legislation; reviews partnership agreements for legal compliance; and develops new or recommends revised policies, procedures, or administrative guidelines. The position reports items of noncompliance to the Chief Investment Officer or Deputy Chief Investment Officer of the Bureau of Investments (BOI). The Executive completes regulatory filings with the Securities and Exchange Commission, responds to certification requests from investment managers and regulators, and monitors applicable regulatory changes. The position also performs investment compliance audits and compliance risk assessments applicable to the Investment Compliance Program. Finally, the Executive oversees the administrative functions of the Trust Accounting Division (TAD) and CCG Bureau staff.

2 15. Please describe the assigned duties, percent of time spent performing each duty, and what is done to complete each duty. List the duties from most important to least important. The total percentage of all duties performed must equal 100 percent. Duty 1 General Summary: Percentage: 35 Responsible for developing, implementing and maintaining a sound Investment Compliance Program for the SMRS pension fund and various trust and agency funds. Develops and maintains policies and procedures for the Investment Compliance Program. Designs, implements and documents risk-based procedures to monitor compliance of equity, fixed income, private equity, real estate assets, as well as external investment managers with BOI investment policies, applicable laws and advisor agreements. Develops and maintains expert knowledge of internally-managed funds portfolio rules and personal trading guidelines. Suggests new or revised rules to facilitate compliance evaluation; consults with staff as to the feasibility of testing compliance with new or revised portfolio rules prior to their adoption or amendment. Negotiates and reviews Investment Management Agreements (IMAs) of external investment managers to ensure compliance with BOI policies. Oversees CCG staff s analysis and review of monthly, quarterly and annual compliance reporting activities received from external managers and broker dealers. Oversees CCG staff s analysis and review of monthly, quarterly and annual divestment reporting activities. Oversees engagement policy with scrutinized companies doing business in Iran, Sudan and Syria. Oversees CCG staff s implementation and monitoring of proxy voting activities. Works with financial auditors, legislative auditors and regulatory agencies to fulfill information requests and explain oversight procedures applicable to investment compliance audits and compliance risk assessments. Duty 2 General Summary: Percentage: 25 Responsible for reviewing partnership agreements for legal compliance, providing legal research, analysis and drafting proposed legislation. Reviews partnership agreements and makes legal recommendations to the Senior Chief Investment Officer or Deputy Chief Investment Officer. Completes a formal, legal sign-off of all new investments prior to funding. Reviews proposed State legislation affecting the SMRS and other trust and agency funds for which the BOI has investment authority and discretion. Reviews analyses and recommendations; then presents findings to the Senior Chief Investment Officer or Senior Deputy Chief Investment Officer. Meets with senators and representatives to discuss proposed legislation. Drafts amendments to the Public Employees Retirement System Investment Act, as necessary. Coordinates legal matters with the Attorney General s office. Performs other legal research projects, as needed. Duty 3 Responsible for providing oversight and legal support in securities fraud litigation matters, on-going investigations of investment advisors and issues of non-compliance. Oversees the monitoring of securities fraud class action cases and reviews case analyses as provided by law firms and other independent monitors. Reviews reports written by CCG Bureau s administrative law specialists regarding the merits of the SMRS serving as lead plaintiff. Works with the Deputy Chief Investment Officer, CCG Bureau's Administrative Law Specialists and the Department of Attorney General in securities fraud class action lead plaintiff matters. Oversees and reviews securities fraud class action cases for consideration of pursuing an opt-out case. Oversees the preparation of staff depositions. Monitors the status of on-going investigations of investment advisors and assists in investigating potential breaches of fiduciary duty by staff. For issues of material, non-compliance, initiates and documents appropriate corrective action and conducts follow-ups to determine appropriate implementation of that corrective action. Reports items of non-compliance to the Chief Investment Officer and Deputy Chief Investment Officer. Duty 4

3 Responsible for the completion of regulatory filings with the Securities and Exchange Commission and monitoring applicable regulatory changes. Oversees the completion of regulatory filings with the Securities and Exchange Commission. Responds to certification requests from investment managers and regulators. Monitors applicable regulatory changes and advises the Chief Investment Officer and Deputy Chief Investment Officer on developments. Duty 5 Responsible for planning, organizing, and directing the operations and activities of staff of the CCG Bureau; responsible for developing and performing training for fiduciary staff employees and monitors related trading activity on a regular basis. Establishes policies, goals, and objectives for the CCG Bureau. Applies strategic planning to assist in meeting Bureau objectives. Plans, organizes, directs, and controls the work activities of the CCG Bureau staff. Recruits and hires new employees, completes performance evaluations timely, approves leave requests and conducts staff meetings. Reviews and evaluates work of staff to ensure conformance with approved methods, techniques, policies and laws. Identifies staff development needs and ensures that training is obtained. Develops and performs training for fiduciary staff employees and monitors related trading activity on a regular basis. Evaluates and communicates exceptions to the Chief Investment Officer and Deputy Chief Investment Officer. Duty 6 Responsible for providing direction to the Trust Accounting Division regarding the development and implementation of program objectives and determining operating policies for the investment settlement and custodian functions; collection of interest, dividends and principal payments; transactions processing accounting, and reporting SMRS pension fund and trusts and agency funds assets. Provides direction for the reconciliation control processes, updating MAIN profiles, distributing common cash earnings to state agencies, preparing schedules for year-end closing and reporting, and preparing adjustments to limited partnership investments using the equity basis of accounting. Provides direction for maintaining the daily cash control processes, the trading and settlement functions, preparing the accounting entries, inputting transactions, and scheduling the system processes. Provides direction for maintaining the accounting functions for derivative investments and the preparation of performance measurement reports. Provides direction for associated auditing requirements, including internal auditing, external financial audits and performance audits. 16. Describe the types of decisions made independently in this position and tell who or what is affected by those decisions. The position will analyze and review court related documents and authorize outside legal counsel to file complaints, motions and other legal documents with the court. 17. Describe the types of decisions that require the supervisor's review. A new task where policies, guidelines or manuals are not available. A problem for which a similar situation has not been encountered and an immediate response is needed.

4 18. What kind of physical effort is used to perform this job? What environmental conditions in this position physically exposed to on the job? Indicate the amount of time and intensity of each activity and condition. Refer to instructions. Physical activities are sitting at a desk with significant telephone usage, reading and interpreting a multitude of documents, operating a computer and occasional standing and walking in an office environment. Occasional travel is required. 19. List the names and position code descriptions of each classified employee whom this position immediately supervises or oversees on a fulltime, on-going basis. NAME CLASS TITLE NAME CLASS TITLE LOGAN, WILLIAM L ADMIN LAW SPECIALIST-A 16 FILLMORE, ANDREW ADMIN LAW SPECIALIST-E 13 WINANS, LISA M DEPARTMENTAL SPECIALIST-2 13 ROBSON, LISA M DEPARTMENTAL ANALST- E 9 STOUT, KAREN M STATE DIVISION ADMINISTRATOR 17 Additional Subordinates 20. This position's responsibilities for the above-listed employees includes the following (check as many as apply): Complete and sign service ratings. Assign work. Provide formal written counseling. Approve work. Approve leave requests. Review work. Approve time and attendance. Provide guidance on work methods. Orally reprimand. Train employees in the work. 22. Do you agree with the responses for items 1 through 20? If not, which items do you disagree with and why? es, no exceptions. 23. What are the essential functions of this position? The Senior Management Executive of the CCG Bureau is responsible for developing, implementing and maintaining a sound Investment Compliance Program for the SMRS pension fund and various trust and agency funds. The position provides legal support in the monitoring, evaluation, and oversight of securities fraud litigation matters; provides legal counsel research, analysis and drafts proposed legislation; reviews partnership agreements for legal compliance; and develops new or recommends revised policies, procedures or administrative guidelines. The position reports items of non-compliance to the Chief Investment Officer or Deputy Chief Investment Officer of the BOI. The Executive completes regulatory filings with the Securities and Exchange Commission, responds to certification requests from investment managers and regulators and monitors applicable regulatory changes. The position also performs investment compliance audits and compliance risk assessments applicable to the Investment Compliance Program. Finally, the Executive oversees the administrative functions of the TAD and CCG Bureau staff. 24. Indicate specifically how the position's duties and responsibilities have changed since the position was last reviewed. New position. 25. What is the function of the work area and how does this position fit into that function? The CCG Bureau is responsible for developing, implementing and maintaining a sound Investment Compliance Program for the SMRS pension fund and various trust and agency funds. The Senior Management Executive will control the Investment Compliance Program, provide legal counsel and support in the monitoring, evaluation and oversight of securities fraud litigation matters; provide legal research, analysis and draft proposed legislation; review partnership agreements for legal compliance; and develop new or recommend revised policies or administrative guidelines. The Executive will ensure regulatory filings with the Securities and Exchange Commission are completed, will respond to certification requests from investment managers and regulators and monitor applicable regulatory changes. The position will also perform investment compliance audits and compliance risk assessments applicable to the Investment Compliance Program. Finally, the Executive will oversee the administrative functions of the TAD and CCG Bureau staff.

5 26. What are the minimum education and experience qualifications needed to perform the essential functions of this position. EDUCATION: Possession of a bachelor s degree in any major. Possession of a Juris Doctorate from an accredited law school is highly desirable. EXPERIENCE: Two years of experience as a professional manager or program/staff specialist, or equivalent experience. KNOWLEDGE, SKILLS, AND ABILITIES: Excellent legal research, analysis, and writing skills are a necessity for this position. Must be able to read and interpret a multitude of documents. Must have experience working with Microsoft Word and Excel database programs. Must have excellent communications skills. Occasional travel is required. CERTIFICATES, LICENSES, REGISTRATIONS: Membership in good standing with the State Bar of Michigan is highly desirable. NOTE: Civil Service approval does not constitute agreement with or acceptance of the desired qualifications of this position. I certify that the information presented in this position description provides a complete and accurate depiction of the duties and responsibilities assigned to this position. Supervisor TO BE FILLED OUT B APPOINTING AUTHORIT Indicate any exceptions or additions to the statements of employee or supervisors. None I certify that the entries on these pages are accurate and complete. BRENDA REED Appointing Authority 12/12/2017 I certify that the information presented in this position description provides a complete and accurate depiction of the duties and responsibilities assigned to this position. Employee