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SEANC Asks Cowell To Resign Boards or Quit
Written by Bruce Ferrell   
Monday, 16 May 2016 16:15

RALEIGH -- A major group representing state workers wants state Treasurer Janet Cowell to make a decision -- either quit her job or membership on several corporate boards.

The State Employees Association of North Carolina's board of governors has unanimously approved a resolution urging her either to resign from the two corporate boards Cowell recently joined or, to step down from her position as state Treasurer.

The State Ethics Commission has ruled that serving on the boards doesn’t violate ethics rules. SEANC contends that Cowell’s role as the sole fiduciary of the state’s $86.6 billion pension fund – and as chair of the state banking commission – conflicts with her new role on the boards of two publicly held companies -- ChannelAdvisor and James River Holdings .

“Janet Cowell has a choice to make,” said SEANC President Ross Hailey. “Either she can finish out the last eight months of the job the state’s voters elected her to do free from outside influence, or she can resign and focus on making millions in the private sector. She can’t do both.”

The SEANC board’s decision came on recommendation from the SEANC Retiree Council and was also approved by the Executive Committee.

Cowell issued a statement saying she's cleared the appointments with state officials, recused herself from decision making with the companies, and that neither are currently in the state's pension funds.

 

 
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