As the sole trustee responsible for the New York State Common Retirement Fund (Fund), Comptroller DiNapoli is directly accountable for its performance, oversight and management. The sole trustee model also enables him to act quickly to respond to market changes and to protect the Fund.

Independent advice

The Comptroller is a diligent fiduciary of the Fund who ensures that investment decisions and practices adhere to the highest levels of ethical conduct and transparency. He seeks the input of a wide range of internal and external advisors, consultants and legal counsel who:

• Help to determine the best investment choices and allocation of assets for the Fund.
• Provide independent advice and oversight of all investment decisions.
• Serve as part of the chain of approval on all investment decisions before they reach the Comptroller for final approval.
• Participate on advisory committees that meet periodically throughout the year. The Code of Ethics applies to all committees and some committees also have a financial disclosure policy.
  • Advisory Council for the Retirement System
  • Investment Advisory Committee
  • Real Estate Advisory Committee
  • Actuarial Advisory Committee
  • Audit Advisory Committee

Meaningful reforms

Comptroller DiNapoli continues changing the way the Fund operates to increase transparency and establish strong internal controls, ensuring the strongest investment performance and ethical operations. He:

• Instituted the most stringent reporting requirements on investments, fees and other information.
• Barred investment firms contributing to his campaign from doing business with the Fund.
• Provided a leading voice in getting the Securities and Exchange Commission to impose tough rules on “pay to play” to prevent improper influence on investment decisions.
• Increased opportunities for women and minority firms throughout its portfolio of investments by expanding the pension fund’s Emerging Manager Program into each of the Fund's main asset classes.

Other policies and regulatory reforms include:

• Advisory Audit Committee Charter
• Code of Ethics for Advisory Council and Advisory Committees
• Created the Office of the Inspector General
• General Investment Policies
• Placement Agent Disclosure Policy and PAFD Addressee List
• Policy on Independence of Consultants Providing Investment Advisory Services
• Proxy Voting Guidelines
• Responsible Contractor Policy
  • Annual Report for Year 2023
  • Annual Report for Year 2022
  • Annual Report for Year 2021
  • Annual Report for Years 2019 and 2020
• Responsible Workforce Management Policy and Principles
• Revolving Fund Procurement Policies and Procedures