Wednesday, July 29, 1998
Ninety-Third Regular Session
The Chief Clerk makes the following entries under the above date.
__________________
State of Wisconsin
Investment Board
July 23, 1998
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
Referred to the joint committee on Finance.
State of Wisconsin
Ethics Board
July 22, 1998
The Honorable, The Senate:
At the direction of s.
13.685(7),
Wisconsin Statutes, I am furnishing you with the names of organizations recently registered with the Ethics Board that employ one or more individuals to affect state legislation or administrative rules, and notifying you of changes in the Ethics Board's records of licensed lobbyists and their employers. For each recently registered organization I have included the organization's description of the general area of legislative or administrative action that it attempts to influence and the name of each licensed lobbyist that the organization has authorized to act on its behalf.
Organization's authorization of additional lobbyists:
The following organizations previously registered with the Ethics Board have authorized to act on their behalf these additional licensed lobbyists:
Administrators of Special Services, Wisconsin Council for
Kammerud, Jennifer A
Citizen Action, Wisconsin
Johnson, Tammy
Restaurant Assn, Wisconsin
Kilgore, Kathleen
School Administrators, Assn of Wisconsin
Kammerud, Jennifer A
School Business Officials, Wisconsin Assn of
Kammerud, Jennifer A
School District Administrators, Wisconsin Assn of
Kammerud, Jennifer A
Visitor & Convention Bureau Inc, Wisconsin Dells
Wiley, Lawrence A
Termination of lobbying authorizations:
The following individuals are no longer authorized to lobby on behalf of the organizations listed below, as of the dates indicated.
Administrators of Special Services, Wisconsin Council for
Lynch, James M 7/16/98
American Heart Assn (formerly Heart Assn of Wisconsin Inc, American)
Krueger, Shawn 7/15/98
DuPont Pharmaceutical Co, MultiState Associates on behalf of
Brown, George 7/21/98
Restaurant Assn, Wisconsin
Goldman, Robert 7/17/98
School Business Officials, Wisconsin Assn of
Lynch, James M 7/16/98
School District Administrators, Wisconsin Assn of
Lynch, James M 7/16/98
Organization's cessation of lobbying activity:
The following organizations previously registered with the Ethics Board as employers of lobbyists have indicated a cessation of all lobbying activity effective on the dates shown.
Varco-Pruden Buildings 7/20/98
Charter Manufacturing Company, Inc. 7/14/98
