In accordance with Article 6, Section 32 of the Constitution of the State of Oklahoma, the Commissioners of the Land Office is composed of a five-member board, which includes the Governor, Lieutenant Governor, State Superintendent of Public Instruction, State Auditor and Inspector, and Secretary of Agriculture, with the Commission Secretary being appointed by the governor. The Commissioners meet monthly to discuss the sale, rental, disposal and management of the assets of the trust, as well as the management of the funds and proceeds derived from these assets.
View the schedule and minutes of Commission meetings.
Investment Committee Meetings
The Financial Services Division is responsible for all accounting and investment functions of the agency, including receipt of all funds, distribution of income to beneficiaries, payment of claims, accounting for the fixed assets of the trusts, and budgeting.
The investment of the permanent trust fund is under the prudent investor rule. The Commission is required by law to select a custodial bank, investment consultant and external investment managers on a competitive basis.
Additionally, the Commissioners, as required by statute, serve or appoint a three-person advisory investment committee. The committee makes recommendations to the Commissioners on matters related to the management of the funds. These issues include the choice of managers of the assets of the funds, the establishment of investment and fund management guidelines and in planning future investment policy.
As of June 30, 2021, the total market value of the permanent trust fund was $2.7 billion.
View the schedule of Investment Committee meetings.
Internal Audit Committee Meetings
The Internal Audit Office evaluates the internal controls, including corporate governance and accounting processes. The Internal Audit Office ensures that the Agency complies with the laws and regulations and help to maintain accurate and timely financial reporting and data collection.
It reviews various operations and records of the Agency to prevent and minimize the possibilities of errors, fraud or irregularities. Internal Audit Office conducts assurance audits through five-phase process which include selection, planning, conducting fieldwork, reporting results, and following up on corrective action plans.
The Internal Audit Office periodically reports to the upper management and audit committee to identify, assess, and address concerns which could potentially damage the Agency financially, strategically and or by reputation as well as making recommendations.