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State Investment Board to Modernize Governance

By Bill Dubensky Nov 23, 2025 | 7:41 AM

(North Dakota State Investment Board image)

 

(KNOX) – The North Dakota State Investment Board (SIB) has accepted the findings of an independent Governance Model Review conducted by Funston Advisory Services LLC and directed the Retirement and Investment Office (RIO) to begin working with Funston on a comprehensive update of its Governance Manual.

Commissioned to evaluate the SIB’s governance structure, policies, and operational resilience, the review identified several critical challenges, including significant understaffing, procurement limitations, and rising operational risk.

“The SIB’s success has been built on prudent management and strong investment performance. Our current governance model is no longer sustainable in the face of the growing complexity of the investment program,” said Gov. Kelly Armstrong, SIB chair. “Governance modernization is not optional—it is essential.”

Funston outlined several recommendations to strengthen the SIB’s long-term stability, transparency, and oversight of state investment asset.

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