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Type of Role: InvestmentsOperations

Experience Level: Managing Director/CIO

Location: Nashville, Tennessee

Salary: $261K - $290K

The Tennessee Department of Treasury is responsible for many of the financial operations of state government, including managing more than $100 billion in assets through its various investment programs.  Treasury administers the Tennessee Consolidated Retirement System (TCRS), which includes pension plans for state employees, higher education employees, teachers and local government employees, and also administers the State’s Deferred Compensation plan.  Treasury serves all Tennesseans by helping to educate and empower individuals to make informed financial choices, and by providing public serving programs in the areas of college savings, financial literacy, unclaimed property, criminal injuries compensation, and more.  Treasury’s mission is to invest in the well-being of Tennesseans through exceptional financial leadership, management, service and education.

LCA seeks a dynamic and innovative individual to bring leadership and commitment to LCA.  This is an exciting opportunity for a compliance professional to develop a program to mitigate economic, operational, headline and reputational risk for the Department as it relates to proxy voting, investment stewardship, and corporate engagement for the investments for which the Department is responsible.   This is a unique opportunity to not only craft and shape an initiative to support the Department and the State, but also an opportunity to build a team of compliance professionals as direct reports who will work together toward the Department’s shared goals.  Once fully staffed, this position will have three (3) direct reports.

At the present time, this position is primarily remote, with occasional in person meetings in downtown Nashville; however, job location is subject to change at the discretion of the Treasurer.  The successful candidate must live in Tennessee and have a sufficient internet connection.  Joining our team offers competitive compensation, excellent health and wellness benefits, including paid parental leave, a top-ranked retirement plan, work-life balance and flexibility, a supportive place to grow in your profession, and an opportunity to enjoy the great city of Nashville.

Key Responsibilities:

  • Strategically lead the Department’s stewardship and proxy voting activities;
  • Oversee the creation of comprehensive policy and proxy voting processes;
  • Engage and act as the liaison with portfolio managers and other investment professionals;
  • Work independently to ensure that each fund’s higher-level policies are reflected in the proxy voting process;
  • Demonstrate a keen awareness and good judgement to escalate issues discovered during the proxy voting process to the State Treasurer;
  • Identify and analyze headline and reputational risk of investments, investment strategies and Department investments vendors;
  • Create, implement and monitor a comprehensive risk framework for addressing and effectuating the proxy votes for securities held by the respective funds overseen by the State Treasurer;
  • Oversee the development of internal controls and compliance testing done by direct reports as it relates to the Department’s proxy voting process;
  • Monitor regulatory changes that would change the Department’s policies, processes, and procedures;
  • Manage and lead the Department’s proxy voting and investment stewardship activities, which further the Department’s compliance with applicable laws and rules and supports the investment objectives of maximizing anticipated financial returns, minimize projected risk, and effectuating fiduciary duty.
  • Manage and lead three (3) direct reports who will:
  • Analyze and execute U.S. and global proxy votes in accordance with the fund’s Proxy Policy and customized Department policies.
  • Execute and provide rationales for proxy voting decisions by independently researching issues from company proxy statements and proxy advisory reports, analyzing issues and arriving at the appropriate vote determination.
  • Develop precedents to guide routine proxy voting decisions.
  • Develop consistent logic and criteria on voting items to maximize technical assistance on voting applications and streamline the execution of proxy votes.
  • Develop policy guidance for new and emerging issues affecting proxy voting and adjust existing policy guidance considering recent developments.  Within this guidance develop escalation points requiring issues and votes to come to the governing body or State Treasurer for decision-making
  • Coordinate with the investments division to incorporate the economic analysis of voting proposals.
  • Develop and present pre-vote and post-vote reports to the appropriate governing bodies and the State Treasurer; and
  • Monitor voting execution and analyze proxy votes and the risks associated with voting on certain issues.

Minimum Qualifications:

  • Possession of a baccalaureate degree from an accredited college or university with a concentration in finance, economics, business administration, accounting, statistics, or similar field;
  • Minimum of five (5) years of experience in investments compliance;
  • Minimum of five (5) years of experience in proxy and operational voting processes;
  • Minimum of five (5) years of experience with active management and capital markets – particularly, equity investing; and
  • Minimum of three (3) years of experience leading a team of compliance professionals and managing large-scale projects.

Preferred Qualifications:

  • Experience in global proxy procedures and corporate regulations;
  • Master’s in business administration (MBA), Chartered Financial Analyst (CFA) designation or Investor Relations Charter (IRC) certification is preferred;  or
  • License to engage in the practice of law having practiced as a securities attorney for at least five (5) years.

Core Competencies:

  • Integrity and Trust
  • Problem Solving
  • Communication
  • Relationship Management
  • Critical Thinking
  • Attention to Detail

Pursuant to the State of Tennessee’s Workplace Discrimination and Harassment policy, the State is firmly committed to the principle of fair and equal employment opportunities for its citizens and strives to protect the rights and opportunities of all people to seek, obtain, and hold employment without being subjected to illegal discrimination and harassment in the workplace. It is the State’s policy to provide an environment free of discrimination and harassment of an individual because of that person’s race, color, national origin, age (40 and over), sex, pregnancy, religion, creed, disability, veteran’s status or any other category protected by state and/or federal civil rights laws.