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The Minnesota Legislature has established a seventeen member Investment Advisory Council (IAC) to advise the Board and its staff on investment-related matters. All proposed investment policies are reviewed by the IAC before they are presented to the Board for action.

IAC Mission Statement

The IAC fulfills its statutory duty to the Minnesota State Board of Investment (SBI) by providing advice and independent due diligence review of the investment policy and implementation recommendations that guide the SBI’s investment of assets.


Public Members

The Board appoints ten members from the public experienced in finance and investment. These members traditionally have come from the Minneapolis and St. Paul investment community.

Gary Martin, Chair

Chief Investment Officer
Macalester College

Kim Faust, Vice Chair

Vice President and Treasurer
Fairview Health Services

Susanna Gibbons

Managing Director
Carlson Funds Enterprise
Carlson School of Management

Dan McConnell

Business Manager
Building & Construction Trades
Council of Minneapolis

Nancy Orr

Carol Peterfeso

Managing Director of Investments
Bush Foundation

Shawn Wischmeier

Chief Investment Officer
Margaret A. Cargill Philanthropies


Permanent Members

The Commissioner of Minnesota Management and Budget and the Executive Directors of the three statewide retirement systems (Minnesota State Retirement System, Public Employees Retirement Association, and Teachers Retirement Association) are permanent members of the IAC.

Jim Schowalter

Minnesota Management & Budget

Erin Leonard

Executive Director
Minnesota State Retirement System

Doug Anderson

Executive Director
Public Employees Retirement Association

Jay Stoffel

Executive Director
Teachers Retirement Association


Employee and Retirement Representatives

The Governor appoints two active public employee representatives and one retiree representative to the IAC.

Denise Anderson

Governor's Appointee
Active Public Employee Representative

Martha Sevetson Rush

Governor's Appointee
Active Public Employee Representative

Peggy Ingison

Governor's Appointee
Retiree Member Representative