Investment Advisory Council

The ARMB appoints three members to an Investment Advisory Council. The Investment Advisory Council's role is to:

  • Review the investment decisions made by the board:
  • Make recommendations to the board concerning investment policies, strategies, and procedures;
  • Advise the board on selection of performance consultants and on the form and content of annual reports; and
  • Provide other advice as requested by the board.

Members of the council serve at the pleasure of the board for staggered three year terms.

Current Council Members

Dr. William W. Jennings

Dr. William W. Jennings is a civilian professor at the U.S. Air Force Academy. He holds a B.B.A. in finance and accounting as well as a B.A. in economics from Southern Methodist University and a Ph.D in finance from the University of Michigan. Dr. Jennings’ current research covers energy investing, investment policy statements, investment committee operations, portfolio rebalancing, and dealing with post-retirement medical liabilities. He serves the community on several investment committees supervising pension and endowment funds. Dr. Jennings has earned the right to use the Chartered Financial Analyst designation. His appointment expires June 30, 2017.

Dr. Jerrold Mitchell

Dr. Jerrold Mitchell managed domestic and international equity portfolios for institutions and mutual funds for over twenty-five years at Wellington Management Company, where he was a partner. He also served as Chief Investment Officer of the Massachusetts state pension fund for four years and was Chief Investment Officer of The Boston Foundation. He is currently a partner at Saltonstall & Co. He is a graduate of Yale University and Harvard Law School and was an Adjunct Professor of Finance at Brandeis University. Dr. Mitchell's appointment expires June 30, 2018.

Robert Shaw

Mr. Shaw is currently the Managing Director of Public Markets at the San Francisco Employees' Retirement System.  Previously, he was an Investment Consultant with Callan Associates, and also worked for the California State Automobile Association assisting in the management of the Association's insurance general account and pension fund.  Mr. Shaw began his career as a CPA with Price Waterhouse in Anchorage.  He graduated from Seattle University and received his M.B.A. from the Wharton School of the University of Pennsylvania. Mr. Shaw has earned the right to use the Chartered Financial Analyst designation.  Mr. Shaw’s appointment expires June 30, 2019.