Wes Moore, Governor Aruna Miller, Lt. Governor Kathryn Thomson, Chair Board Members: Dontae Carroll Maricela Cordova William H. Cox, Jr. Cynthia D. Penny-Ardinger
Jeffrey S. Rosen Samuel D. Snead, MCP MA John F. von Paris Frank S. Waesche III
Bruce Gartner, Executive Director
MEMORANDUM
TO:
Finance & Administration Committee
FROM:
Investment Administrator Clayton D. Viehweg
SUBJECT:
Investment Policy – Annual Review and Proposed Changes
DATE:
August 13, 2026
PURPOSE OF MEMORANDUM Complete required annual review of the Investment Policy and request recommendation of the Finance & Administration Committee to move to the full Board for approval of the proposed changes. SUMMARY Following a recent review by the Investment Committee and Municipal Advisor, modest changes to the Investment Policy are currently recommended. The proposed changes clarify the competitive selection standard and diversification timing tests. 1. Correct explanatory requirement for Competitive transaction process in Section XII to “best price” rather than the “highest yielding” to encompass both purchases and sales. Current i. If the highest yielding security was not selected for purchase or if three bids/offers from Qualified Institutions are not obtained, an explanation describing the rationale will be included in this record.
Proposed
i. If the best price security was not selected or if three bids/offers from Qualified Institutions are not obtained, an explanation describing the rationale will be included in this record.
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