The Teacher Retirement System of Texas has started webcasting its board meetings as it attempts to increase “transparency” over how it invests its $94 billion pension fund.
The move is part of a growing trend among US public pensions to have live audio and visual feeds of board and investment committee meetings.
The $138.6 billion California State Teachers' Retirement System agreed in 2009 to stream the audio of its board meetings over the internet after moving to its new headquarters in Sacramento. A spokesman said the pension provided “live, public audio streams of our board and committee meetings” with the streams discontinued when the meeting went into closed session. Video webcast was not available.
Webcasting technology provides that front row seat, no matter where our members live in Texas or for that matter, the world.
David Kelly, Texas TRS
Texas TRS said its pilot programme of live and on-demand webcasting was intended to “increase transparency and provide easy ways for the media and general public to stay abreast of important pension fund news”. The pension warned, however, it would constantly review the situation owing to “significant” costs.
Private equity GPs though are likely to express concern at the increasing level of disclosures being made by limited partners – not least when fund commitments or portfolio investments are being debated at board and committee meetings.
David Kelly, TRS board chairman, said in a statement the pension wanted retirees to hear directly about the “decisions we make here in Austin on their behalf. Webcasting technology provides that front row seat, no matter where our members live in Texas or for that matter, the world.”
Texas’ next webcast will be its 17 and 18 June board meeting, during which the pension is expected to review portfolio performance and asset allocation. The pension has already webcast its February and May meetings.
Texas TRS has a 5.9 percent actual allocation to private equity, investment documents said.