In basic terms, governance is the systems and process that comprise the oversight and control of an organization. At a minimum, good governance generally means decisions are made through processes that are:
Trustees and administrators of public retirement systems must follow the highest professional and ethical standards to help ensure that assets are safeguarded, promised benefits are delivered and decision-making is fair and equitable. As fiduciaries, trustees and key employees have a legal duty to ensure that certain standards of conduct are met.
Pursuant to Section 801.210 of the Texas Government Code, the State Pension Review Board (PRB) has developed the following Model Ethics and Conflict-of-Interest Policy for voluntary use by Texas public retirement systems.
Here are some sample of ethics policies adopted by Texas public retirement systems.
The following statutes contain many of the ethical standards and conflict-of-interest and disclosure requirements that may apply to Texas public retirement systems.