FROM: Gary L. Poulson
Deputy Revisor of Statutes
SUBJECT: Rules published in the June 30, 1998,
Wisconsin Administrative
Register, No. 510.
The following rules have been published:
part eff. 9-1-99
__________________
State of Wisconsin
Revisor of Statutes Bureau
Madison
DATE: August 1, 1998
TO: Charles Sanders
Assembly Chief Clerk
Donald J. Schneider
Senate Chief Clerk
FROM: Gary L. Poulson
Deputy Revisor of Statutes
SUBJECT: Rules published in the July 31, 1998,
Wisconsin Administrative
Register, No. 511.
The following rules have been published:
__________________
Speaker's appointments
July 29, 1998
Senator Margaret Farrow
Chairperson, Women's Council
119 MLK Jr. Blvd., #202
Madison, WI 53703
Senator Farrow:
As Assembly Speaker, it is my pleasure to appoint Deb Jordahl of Madison to serve as a public member of the Women's Council. This appointment is effective immediately.
If you have any questions, please contact my Chief of Staff, Brett Healy. Thank you for your attention to this matter.
Sincerely,
Scott R. Jensen
Assembly Speaker
__________________
July 29, 1998
Secretary William McCoshen
Department of Commerce
P.O. Box 7970
Madison, WI 53707
Secretary McCoshen:
As Assembly Speaker, it is my pleasure to appoint Jay Meili, owner of Molded Dimensions in Port Washington, as a member of the Small Business Environmental Council. This appointment is effective immediately.
If you have any questions, please contact my Chief of Staff, Brett Healy. Thank you for your attention to this matter.
Sincerely,
Scott R. Jensen
Assembly Speaker
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Agency Reports
State of Wisconsin
Investment Board
Madison
July 23, 1998
To the Honorable, the Legislature:
Section
25.17(14r) of the Statutes requires that the State of Wisconsin Investment Board (SWIB) submit a report to the Joint Committee on Audit, Joint Committee on Finance, and Chief Clerks of each House summarizing any change in the Board's investment policies, upon adoption of the change.
On June 25, 1998, the Board approved modifications to the Investment Policy Guidelines for SWIB's domestic equity portfolios of the Wisconsin Retirement System (WRS) Trust Funds. Attached for your reference is a copy of the portion of guidelines that was deleted and the provision that was added.
The Board's action deleted a five-part test that had been performed on all publicly traded equities prior to their purchase. Our experience had shown that this test was not an effective measure of investment risk. As a practical matter, few companies failed to meet the criteria. In addition, compliance with some aspects of the requirements was difficult to document. As a result, the test could not be readily automated for monitoring purposes.
The new provision in the guidelines requires that prior to purchase there be additional documented review of equity securities with a market capitalization of less than $100 million or securities that have not been publicly traded for at least 24 months prior to purchase. Along with other due diligence by investment staff, this new provision will provide an added level of risk assessment before investing in smaller companies or newly traded equities.
Please contact me if you have any questions about this report.
Sincerely,
Patricia Lipton
Executive Director, SWIB
