Permanent Fund trustees have a simple call to make Monday—stop rush to make fundamental change

The Permanent Fund trustees meet Monday to debate fundamental changes in the operation of the most important financial institution in Alaska.

The six trustees need to stop their self-imposed rush to adopt a new so-called strategic plan, with many proposed elements that have not been examined in public in detail or justified to Alaskans.

The trustees, all appointed by Gov. Mike Dunleavy, are behaving as if speed is essential. They have misread the moment.

The trustees should take the advice of former Attorney General Bruce Botelho, a former trustee of the fund, who wrote them Saturday to suggest a different approach:

“I do not offer any view on the merits of the proposed themes, though each reflects a dramatic redirection for fund management (e.g. increased return targets, “leverage”). I urge you to delay adoption of the strategic plan until the corporation has undertaken some significant engagement with the Alaska public, whether in the form of public hearings, workshops or another format.

“The changes under consideration are consequential. The Fund is the bedrock of the State of Alaska’s fiscal stability. The Trustees can simultaneously educate the public about the Fund’s role, receive meaningful feedback about its direction, and build confidence in this important institution,” Botelho said.