NEW: Magaziner Rolls Out RI "Transparent Treasury" Initiative

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NEW: Magaziner Rolls Out RI "Transparent Treasury" Initiative

Seth Magaziner
Rhode Island General Treasurer Seth Magaziner has unveiled his Transparent Treasury initiative today at the State House, where he was joined by Rhode Island leaders in the business, labor and civic communities. 

"Transparent Treasury" includes a series of new policies and tools designed to help Rhode Islanders access information about how their public funds are managed. 

"With today's launch, Rhode Island now has the most transparent state treasury in the country. This commitment to open government will help us produce better financial results for our state," said Magaziner. 

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Some of the features of Magaziner's new transparency initiative include: 

  •  A first-of-its-kind investment policy stating that Rhode Island will only invest with fund managers that agree to public disclosure of performance, fees, expenses and liquidity.
  •  The launch of a new investment information center on www.treasury.ri.gov, and new data portal that offers unprecedented access to state treasury information.    
  • The appointment of a Chief Transparency Officer for the department, to ensure that all “Transparent Treasury” initiatives are carried through every division for the duration of Treasurer Magaziner’s term.

 

Initiative Pillars

According to the Treasurer's office, the following are the four pillars of the initiative"

Transparent Investments

•    New policy that Rhode Island will only invest in funds that agree to have their performance, fees, expenses and liquidity made public.
•    Newly-launched investments.treasury.ri.gov website with data visualizations and manager-level information.
•    Newly-distributed, quarterly press releases with investment highlights to make information more useful and accessible.

Transparent Contracts

•    Treasury has published an online calendar of all contract end dates, as well as proposed dates for new RFPs, for the first time ever. 

Transparent Data

•    Creation of a Treasury Data Portal (www.data.treasury.ri.gov) which makes public information and reports across Treasury divisions available to the public in sortable, downloadable and machine readable formats.

Transparent Ethics

•    Treasurer Magaziner will continue the state’s ban on paying placement agents for investments from the state’s pension fund
•    Treasury will continue to require every investment manager to sign an “Investor Code of Conduct Pledge.”
•    Treasurer Magaziner will toughen the Code of Conduct Pledge to disallow “De Minimis” political contributions.
•    Treasury will launch full governance reviews of the State Investment Commission and the Retirement Board before the end of 2015.

“Rhode Islanders deserve to know where their funds are invested and how they are performing,” said Treasurer Magaziner. “I am proud our office has taken big steps to improve financial transparency, and I am committed to making open government a core value of my office throughout my term.”

For more information on Treasurer Magaziner’s “Transparent Treasury” initiative, go to www.treasury.ri.gov.


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