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 education, state auditor and inspector, and secretary of agriculture, with the Commission secretary being appointed by the governor. The Commissioners meet on a monthly basis to discuss the sale, rental, disposal and management of the school lands and other public lands of the state, and management of the funds and proceeds derived from these lands.
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 all matters related to the choice of managers of the assets of the funds, on the establishment of investment and fund management guidelines, and in planning future investment policy.
As of June 30, 2016, the total market value of the permanent trust fund was $2.3 billion.