ONCE DAMAGE HAS BEEN DONE, IT IS VERY HARD TO REPAIR. POOR AND POLITICIZED GOVERNANCE FORMED THE BASIS FOR A HIGH PENSION PROMISE, WHICH COULD NOT BE SUSTAINED BY THE RETURNS FROM THE INVESTMENTS. A LACK OF HIGH QUALITY OVERSIGHT LED TO EXCESSIVELY HIGH COST, A POOR INVESTMENT PROCESS, AND AN INVESTMENT ORGANIZATION THAT WAS NOT FIT FOR THE COMPLEXITY OF THE STRATEGY, RESULTING IN DISASTROUS OUTCOMES DURING AND IN THE AFTERMATH OF THE FINANCIAL CRISIS OF 2008–2009. AFTER THE CRISIS, CHIEF EXECUTIVE OFFICER (CEO) ANNE STAUSBOLL AND CHIEF INVESTMENT OFFICER (CIO) JOE DEAR STARTED A RIGOROUS PROCESS TO STRENGTHEN THE STRATEGY AND THE QUALITY OF THE INVESTMENT MANAGEMENT ORGANIZATIONENDNOTES