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Statement from Chief Financial Officer Jeff Atwater Regarding Findings from External Review of SBA Compliance Protocols

12/7/2011

Contact: Alexis Lambert 
(850) 413-2842
 
TALLAHASSEE—Florida Chief Financial Officer Jeff Atwater yesterday released the following statement regarding the findings from the external review of the State Board of Administration’s (SBA) compliance protocols.  In May, CFO Atwater called for a review of all compliance protocols at the SBA to be conducted by an external review team.  Crowe Horwath, LLP, performed the review and presented the findings yesterday at the SBA Quarterly Meeting. 
 
“As the Board of Trustees, we inherited a great responsibility to our fellow Floridians and our investors to make sound financial and investment decisions.  This review was intended to ensure that we have all of the information necessary to perform our fiduciary responsibilities and make decisions that are in the best interest of plan participants.
 
“The report speaks to the progress we have made while highlighting the need for stronger controls and a more fully developed risk management process.  Further, the report assumes that the SBA compliance structure includes an inspector general, a position I have repeatedly called for to be filled immediately.  
 
“In an effort to see that these recommendations are not only accepted by the SBA, but are implemented fully, I believe that it is imperative that the Trustees receive periodic implementation progress reports. 
 
“It is our fiduciary duty as Trustees to be experts at protecting the fund and its investors, and that requires stringent controls, and the highest levels of transparency and accountability.”
 
Chief Financial Officer Jeff Atwater, a statewide elected official and officer of the Florida Cabinet, oversees the Department of Financial Services. CFO Atwater’s priorities include fighting financial fraud, abuse and waste in government, reducing government spending and regulatory burdens that chase away capital, and ensuring transparency and accountability in spending.