State Investment Board Selects Funston for First Governance Review

(North Dakota State Investment Board image)

(KNOX) – The North Dakota State Investment Board (SIB) has selected Funston Advisory Services LLC (FAS) to conduct the first-ever comprehensive assessment of its governance model, the framework that defines how the board operates, makes decisions, and oversees the Retirement and Investment Office (RIO) to ensure accountability and resilience.

“Undertaking a governance review underscores the State Investment Board’s commitment to fiduciary excellence, transparency, and long-term operational success,” said Gov. Kelly Armstrong, SIB chair. “As our investment program grows in size and complexity, we are committed to managing it as efficiently and effectively as possible.”

FAS will evaluate the investment program’s governance framework to ensure it supports the SIB’s core goals. The review will focus on compliance with applicable laws, governance structure and oversight responsibilities, board culture, operational clarity, board–staff relations, risk oversight, and identifying opportunities for improved efficiency through streamlined documentation.

“Strong governance is foundational to managing public funds responsibly,” said Dr. Rob Lech, SIB vice chair and chair of the board’s Governance and Policy Review Committee. “The review will help clarify roles and responsibilities, enhance decision-making processes, strengthen our risk oversight, and ensure that the governance model we follow is not only effective today but is ready for the future.”