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R E S O L U T I O N
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WHEREAS, B. Holland Timmins is retiring from his role as the |
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chief executive officer of the Texas Permanent School Fund |
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Corporation on May 31, 2023, drawing to a close an outstanding |
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career in state investment that has spanned four decades; and |
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WHEREAS, A seventh-generation Texan and the grandson of a |
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public school history teacher, Mr. Timmins began his career serving |
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the Lone Star State in 1983; over the course of his 23-year tenure |
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with the Texas Permanent School Fund Corporation, the |
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organization's value has grown from $17 billion to more than $50 |
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billion, and its returns have exceeded the benchmark and provided |
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an additional value of $1.3 billion to the fund; and |
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WHEREAS, Along the way, Mr. Timmins has partnered with the |
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State Board of Education to achieve intergenerational equity for |
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all students while protecting the Texas Permanent School Fund, and |
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$18 billion has been distributed to public education over the last |
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18 years; following the adoption of a constitutional amendment in |
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2003, he worked with the State Board of Education to direct the |
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transition of the fund from a traditional stocks-and-bonds |
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income-based investment portfolio to a modern and diversified |
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total-return investment portfolio; he has also overseen the |
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successful transition of the Texas Permanent School Fund's assets |
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and management to the Texas Permanent School Fund Corporation, a |
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complex effort that merged investments and staff from two separate |
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state entities into a stand-alone, top-tier corporation; and |
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WHEREAS, Under this esteemed professional's able leadership, |
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the Texas Permanent School Fund Corporation has earned numerous |
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honors; the organization was named the Sovereign Wealth Fund of the |
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Year at the 17th Annual Hedge Fund Industry Awards and the Global |
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Real Estate Investor of the Year at the 2019 IPE Real Estate Global |
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Conference & Awards; it has also been recognized with the |
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Certificate of Achievement for Excellence in Financial Reporting by |
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the Government Finance Officers Association for the past eight |
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consecutive years; and |
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WHEREAS, Throughout his career, Holland Timmins has greatly |
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benefited the State of Texas and its public schools, and he has |
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earned the lasting respect and admiration of his colleagues and |
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fellow citizens alike; now, therefore, be it |
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RESOLVED, That the House of Representatives of the 88th Texas |
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Legislature hereby congratulate B. Holland Timmins on his |
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retirement as the chief executive officer of the Texas Permanent |
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School Fund Corporation and extend to him sincere best wishes for |
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the future; and, be it further |
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RESOLVED, That an official copy of this resolution be |
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prepared for Mr. Timmins as an expression of high regard by the |
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Texas House of Representatives. |