QUESTIONS TO ASK:

  • Did Renae Randall get fired as a Senior Investment Manager by voicemail 30 minutes after sending Matt Clark an email with the Whistleblower laws on May 30, 2025?

  • Is it the SDIC Board’s responsibility to look into such incidents?

  • Did the SDIC Board send her an NDA instead of investigating the incident?

  • Did the SDRS Board know and agree to sending the terminated whistleblower an NDA?

  • What was the reason for changing the SDIC Whistleblower policy in November 2025, six months after Renae Randall was fired for Whistleblowing?

  • How is it legal for the SDIC to have a different Whistleblower policy than South Dakota Codified Law?

  • Can all agencies have a different Whistleblower policy than state law, or only the agency that holds custody of all the State’s financial assets?

  • Was an error found in the SDIC Asset Allocation model pertaining to stock buybacks around September/October of 2024 that has caused dramatic underperformance in SDIC investment returns?

  • Was Renae Randall the person that found that error?

  • Many, many more to come…

Columbo with cigar asking, "Oh, Just one more thing..."

Matt Clark’s pay has to be approved annually. This vote is supposed to be a check on the person in charge of all the money. It is effectively a confidence/no confidence vote.

South Dakota Searchlight Article
SD Executive Board votes for Matt Clark's pay raise after they knew about the Senior Investment Manager fired for whistleblowing about a collapse of internal controls.

Renae or her representatives have personally given half of this board the below documents in early February, so they have all seen it.

Legislative Full Packet

Only the 3 people in green voted “no confidence” aka, no raise.

The other 12 people in grey should be asked to explain to the people of South Dakota why they think Matt Clark has their “confidence” and deserves a raise, after seeing those documents and never asking any questions about them.

This audio is absolutely surreal (minute 0-33:45).

Executive Board Meeting Audio

A lesson on how our government works. This stuff would normally be what a functioning local press would do, but we can talk about that later.

This is the Boards and Commissions site for the different arms of the government. We will be focusing on "Investment Council, South Dakota"

https://boardsandcommissions.sd.gov/Meetings.aspx?BoardID=177

This is the SD Legislature site where the Executive Board (E-Board) of the Legislature has it's documents.

https://sdlegislature.gov/Interim/Committee/499/Detail

Please explore, follow along and see the documentation yourself. (It’s easier to start from the bottom up on the timeline.)

Board minutes of SDIC and Executive board regarding Matt Clark's pay.