Treasurer Loftis votes against 2 month payout to SC Investment CEO

Thursday, December 22, 2011

(Columbia, SC) – Today, State Treasurer Curtis Loftis voted against paying outgoing S. C. Investment Commission CEO/CIO Bob Borden a pay package of up to 60 days which includes full pay and benefits.

Borden submitted his resignation to the Investment Commission on December 2, effective immediately. The December 2 resignation also removed Borden’s investment responsibilities, authority and administrative duties.

Treasurer Loftis wanted to keep Borden only as an hourly contractor at a lower rate than his $480,000 yearly salary, insisting with lesser responsibilities should come less pay. Investment Commission Chairman Allen Gillespie joined Treasurer Loftis in voting against the pay package.

“I think to keep him here through the holidays with no checks and balances on what he does or where he goes at such a high rate of pay is a breach of our fiduciary responsibilities,” Treasurer Loftis told the Commission. “This is nothing more than an early Christmas present to a man who will simply serve as an advisor and won’t put in a full-time work week for the taxpayers. In a state where the average salary is $33,000 a year, it is irresponsible to be giving such a large public payout like this.”

In addition to two months salary, Borden has also asked the Commission for a payout of unused annual leave (vacation time) totaling $53,000. Treasurer Loftis requested Borden sign a statement saying his unused annual leave time is accurate, but no signed statement has been presented. Complicating the issue, Treasurer Loftis says Borden does not keep an accurate calendar detailing his activities. The Commission did not take any action on Borden’s annual leave payout.

In his resignation letter, Borden told Commissioners he would be starting up an investment firm in North Carolina. Treasurer Loftis feels taxpayers will be paying a large full time salary with benefits for someone will be devoting much of his time not working for the people of South Carolina.

CLICK HERE to view a video of Treasurer Loftis’ comments in today’s meeting.

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Interim Media Contact:
Edward Frazier
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