The Centre for Fiduciary Excellence (CEFEX), an Fi360® company, has announced the 2022 renewal of its certification of the investment fiduciary practices of BPCC Foundation, Inc. as adhering to a global standard of excellence for Investment Stewards. The BPCC Foundation has been recognized as an Investment Steward since 2018.
The CEFEX standard of excellence for Investment Stewards is based on 21 fiduciary practices that seek to increase long-term investment performance by diversifying the portfolio across multiple asset classes and peer groups, evaluating investment management fees and expenses, and selecting or terminating investment managers. The practices also help uncover investment and/or procedural risk, which may assist in prioritizing investment management projects.
CEFEX Managing Director Carlos Panksep said: “Through CEFEX’s independent assessment, the certification provides assurance to donors and stakeholders that BPCC Foundation, Inc. has demonstrated adherence to the industry’s best fiduciary practices.”
The fiduciary practices are based on the Fi360 Inc. publication: Prudent Practices for Investment Stewards and are substantiated by legislation, case law and regulatory opinion letters from the Employee Retirement Income Security Act (ERISA), Uniform Prudent Investor Act (UPIA), Uniform Prudent Management of Institutional Funds Act (UPMIFA) and the Uniform Management of Public Employee Retirement Systems Act (MPERS) in the U.S. A summary of the fiduciary practices can be viewed by clicking on the BPCC’s on-line CEFEX certificate, available at www.cefex.org.
The annual certification process involves a detailed review of documents, investments and procedures followed by on-site interviews with key personnel. A full copy of the standard is available at www.fi360.com. More information on BPCC Foundation, Inc. is available at: www.bpccfoundation.org.