Office of State Treasurer |
FOR IMMEDIATE RELEASE |
Grady L. Patterson, Jr. |
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Contact: |
Monday , 19 August 2002
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Brent A. Weaver | |
803-734-2665 | |
weavb@sto.state.sc.us |
PATTERSON TIGHTENS CONTROL ON INVESTMENT FIRMS STATE TREASURER TO REQUIRE ADHERENCE TO TOUGHER ETHICS RULES BY INVESTMENT FIRMS Columbia – South Carolina’s State Treasurer joins with other finance officials to call for tighter controls on state investment firms. The stricter standards for investors call for more in depth knowledge of the companies in which funds are invested. Specifically, Mr. Patterson believes that this will be a major initiative in protecting state taxpayer funds and public pension funds from the risks of conflicts of interest. "I believe that this is an appropriate, common sense approach to addressing the conflicts and perceived conflicts of interest that have transpired over the last several years," said State Treasurer Patterson. The Investment Protection Principles are as follows:
The North Carolina State Treasurer, California State Treasurer, New York State Comptroller, and the New York State Attorney General have set these standards forth. "I intend to join my colleagues in supporting the Investment Protection Principles they are advocating," said the State Treasurer. Patterson concluded, "Our feedback from the dealer community has been positive and we anticipate full compliance with these controls." Additionally, State Treasurer Patterson will work to implement tougher reporting and ethics requirements on money managers. These managers are responsible for the investment of state worker’s pension funds.
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