March 18, 2020
In this Q&A, the Pension Boards outlines how we continue to manage our business through the current situation related to COVID-19. We want to assure you that we are monitoring the situation, responding quickly, collaborating internally and externally, and that all our management practices and process are intact.
Q: How is the Pension Boards monitoring and responding to the situation?
A: The Pension Boards’ Executive Management team has been meeting daily to respond quickly and effectively to the changing environment. As of Monday, March 16, our offices in New York and Cleveland are closed for at least three weeks. Our IT department has developed a best-in-class Business Continuity Plan (BCP) to allow all departments to continue their activities and operations remotely.
Q: How is the internal Investment Team monitoring and responding to the situation?
A: The internal Investment Team consists of nine professionals. We have been in constant contact with each other by email, and through daily group conference call discussions to report on both our operations and investment decisions. We are monitoring our investment allocation and adjusting to the changing market environment. In addition, we continue to conduct meetings with managers via conference calls, receive regular written updates, and attend the webinars they conduct. You should have confidence that our investment strategy will continue as normal, with additional vigilance given the market volatility.
Q: How are our Consultant and External Investment Managers responding to the situation?
A: We are in regular contact with both our Investment Consultant, Goldman Sachs Asset Management (GSAM), and various Investment Managers, with assurance from all that they have strong BCP plans in place and can conduct business as usual without interruption. Our GSAM consultants have been sharing their thoughts on our portfolio regularly, both by conference calls and emails and providing webinars on the evolving market environment. In addition, we are receiving continuous updates from the Investment Managers about how they are protecting our portfolio by subjecting all portfolio companies to intense scrutiny, understanding the impact of the outbreak in different scenarios, and pursuing opportunities as they become available.
Please be assured that we are conducting business as usual and you should have confidence in our organization, investment team, consultant, and investment managers during this uncertain time. For more information about our investment program, please visit https://www.pbucc.org/index.php/investments-home.