This bill amends the qualifications and confirmation process for appointees to the Board of Trustees of the Alaska Permanent Fund Corporation. It establishes that the four public members of the board must be residents of Alaska and have recognized competence in finance, investments, or business management. Additionally, these public members will now require confirmation by a majority of the legislature in a joint session, both upon initial appointment and for any reappointments. The term length for public members is extended from four years to six years, with staggered terms ensuring that no more than one public member's term expires each year.

Furthermore, the bill stipulates that any vacancies on the board must be filled by the governor within 30 days, with the appointee also needing legislative confirmation. If a vacancy occurs while the legislature is not in session, the governor can appoint an interim member who will serve until the legislature reconvenes. Importantly, the changes outlined in this bill will not apply to current board members serving on the effective date, but any reappointments thereafter will be subject to the new confirmation requirements. The bill is set to take effect on December 1, 2026.

Statutes affected:
HB0315A, AM HB 315, introduced 02/18/2026: 37.13.050, 37.13.060, 37.13.070