Professional and Ethical Conduct Policy
The nature of business that the Fairfax County Employees’ Retirement System (System) is involved in places its Trustees and employees in positions of public trust. The members of the Board of Trustees depend on each individual to perform their duties with integrity, independence and a high sense of personal responsibility.
It is the obligation of every member of the Board of Trustees and each employee of the System to conduct him or herself in a manner that promotes public confidence and with integrity, impartiality, professionalism and ethical behavior in relations with retirees, members, the public, staff, and outside providers of goods and services.
In furtherance of these obligations, the Board of Trustees hereby adopts the following Standards of Professional and Ethical Conduct:
The Investment Staff will conduct its affairs in a manner that reflects the highest standards of ethical conduct. The Staff is expected to comply with the CFA Institute Code of Ethics and Standards of Professional Conduct.
It is the obligation of every member of the Board of Trustees and each employee of the System to conduct him or herself in a manner that promotes public confidence and with integrity, impartiality, professionalism and ethical behavior in relations with retirees, members, the public, staff, and outside providers of goods and services.
In furtherance of these obligations, the Board of Trustees hereby adopts the following Standards of Professional and Ethical Conduct:
Members of the Board of Trustees shall:
- recognize and be accountable for his or her responsibility as a fiduciary as set forth in the Code of Virginia § 51.1-803.A.,
- conduct all business and business negotiations in a fair and honest manner,
- strive to provide quality performance and counsel,
- use care and discretion in the handling of confidential information which is received or maintained by the System,
- disclose to the Board when a decision is being made concerning any investment, benefit or other action in which the member has an interest and refrain from participating in the discussion concerning the action, including abstention from voting and,
- Annually file a disclosure statement of financial interest as required under Fairfax County Code § 3-5-2.1 on the form specified in Chapter 40.1 of Title 2.1 of the Code of Virginia.
No member of the Board of Trustees and no System employee shall:
- utilize any property or resources of the System for personal gain,
- falsify any document, record, or request for reimbursement,
- knowingly be a party to, or condone, any illegal activity in conjunction with the System,
- authorize payment on behalf of the System of any amount, or for any purpose, other than that explicitly disclosed in any request for payment filed with the Trustees or,
- engage in activities involving dishonesty, fraud, deceit or misrepresentation in connection with carrying out any activities of the Trustees in pursuit of the System's investment objectives.
Prohibited interest of Trustees or Employees of the Board:
As stated in Fairfax County Code § 3-2-18, no member or employee of the Board shall have any direct or indirect interest in the gains or profits of any investment made by the Board.The Investment Staff will conduct its affairs in a manner that reflects the highest standards of ethical conduct. The Staff is expected to comply with the CFA Institute Code of Ethics and Standards of Professional Conduct.