RSA committee a reaction to criticism?Published 12:00am Wednesday, December 11, 2013
Love him or hate him; admire his investment successes or bemoan that his investments didn’t perform better during the Recession.
Regardless, you’ve gotta give Retirement Systems of Alabama chief David Bronner his due. Over the course of four decades, Bronner has managed the pension system well, and has invested heavily in the state’s tourism industry in an attempt to help build the our economic future.
As a reward, the RSA board yesterday passed a resolution requiring a three-person investment committee to approve any investments. The decision could impact the ability Bronner has had for nearly four decades to make quick investment decisions by proxy, he told The Decatur Daily yesterday afternoon.
‘You can’t operate on Wall Street by committee; it won’t work,” Bronner said. “If someone calls and says, ‘I have half a million shares of IBM to sell, do you want them or not?’ Do you think you can call back in a week?”
The proposal was made by newly-appointed board member, Curtis Stewart, who was appointed by Gov. Robert Bentley and began his term earlier this year. Bentley serves as board chairman. It is not yet clear who will be on the investment committee.
Bronner has been the most outspoken opponent of Bentley’s decision to not expand Medicaid in Alabama.
One wonders if Bentley and his appointees dislike Bronner’s investments or his criticism.