General Counsel / Chief Compliance Officer

The Illinois State Board of Investment (ISBI) is looking for an experienced attorney to serve as General Counsel / Chief Compliance Officer. Reporting to the Executive Director / Chief Investment Officer (ED/CIO), as General Counsel / Chief Compliance Officer, you will (i) oversee the ISBI’s legal matters, (ii) supervise and coordinate external counsel activities (iii) provide a wide range of legal advice/opinions to the ED/CIO regarding investments, investment managers, investment contract negotiations and compliance with federal and state laws governing investments, and (iv) serve as the Secretary of the Board.

Responsibilities

• Provide ultimate oversight of the ISBI’s portfolio compliance with state and federal laws and administrative rules governing investments, as well portfolio compliance with the ISBI’s asset allocation model, investment guidelines and investment policies and procedures; counsel ED/CIO regarding all portfolio compliance issues.

• Draft, negotiate, and provide legal review of investment contracts and amendments approved by the ISBI; draft, negotiate, and provide legal review of administrative, operational contracts.

• Serve as legal advisor to the ED/CIO, offering advice and consultation, which may affect the investment policy, investment decisions and actions of the ISBI.

• As Secretary of the Board, coordinate and oversee the meetings of the Board and ensure that all such meetings are held in compliance with state statutes, rules and internal policies and procedures, including the recording and maintenance of the Board meeting minutes in accordance with the Illinois Records Act and the Illinois Open Meetings Act. Oversee secure Board member material distribution surrounding recurring Board meetings.

• Assist in planning, creating and implementing policies and procedures to achieve ISBI best practices and compliance with the statutory requirements of the ISBI identified in the Illinois Pension Code.

• Oversee employment-related legal matters, such as the annual review process and negotiation of employment agreements. Serve as Human Resource Officer and Affirmative Action and Equal Employment Officer.

• Execute Board policies related to corporate governance. Monitor outside providers to insure the voting of ISBI proxies consistent with Board policy.

• Plan, direct, and conduct extensive and complex research on investment and administrative issues which affect the ISBI’s operations.

• Confer with staff members, other attorneys and qualified experts on issues of statutory interpretations and compliance.

04.01.2024

• Counsel staff on matters of administration, organization, policies and procedures from a legal/compliance standpoint, including issues pertaining to the ISBI’s investment audit by the Auditor General.

• Draft, revise, and clarify proposed bills, amendments, resolutions, procedures, rules and regulations affecting the Board’s investment authority.

• Track and respond to real estate, public market investment and alternative investment legal/compliance issues. Respond to investment compliance questions posed by the ISBI’s investment managers.

• Supervise and coordinate securities litigation matters with external counsel and the Illinois Attorney General. Supervise and coordinate field investigations of law violations and claims.

• Serve as Ethics Officer and monitor compliance of Board and staff in accordance with the ISBI’s ethics policies and procedures and the Illinois Ethics Act.

• Oversee all external counsel relationships; draft legal budget regarding same.

• Oversee responses to Freedom of Information Act (FOIA) requests in accordance with the

applicable legislation and internal policies and procedures.

• Supervise Associate General Counsel and Business Operations and Government Affairs Analyst.

• Perform other duties as required or assigned. Requirements

• Bachelor’s degree and Juris Doctorate degree required.

• Valid license to practice law in the State of Illinois.

• Minimum 3 years’ (5 years’ preferred) direct experience in at least one of the following

areas: investments, government, compliance.

• Experience handling increasingly complex legal issues regarding investment contracts and

fiduciary issues.

• Excellent written and oral communication, analytical and research skills.

• Knowledge of Microsoft Word, Excel programs.

• Ability to work in an office environment subject to frequent interruptions and to

communicate with co-workers/third parties via video conference, email, and telephone; involves sitting at a desk for prolonged periods and potential light lifting.