Key Takeaways
- • North Dakota launched a public Legacy Fund website, a disclosure tool for the $15 billion oil-tax-funded sovereign wealth fund, letting users browse holdings by country, region, economic sector or investment type.
- • The website lists 75 line items totaling $6.4 billion, or 42% of the Legacy Fund, in pooled (commingled) funds and cash that are not disclosed individually.
- • Officials say the undisclosed holdings are proprietary under state open records law because revealing them would expose external managers' strategies.
- • Rep. Bernie Satrom, a sponsor of the 2025 disclosure law, says the site falls short and may propose legislation in the session beginning in January addressing commingled funds and open records rules.
- • Investment data will be updated only annually, and the website cost roughly $500,000 in one-time development costs.
Summary
North Dakota has launched a website intended to make Legacy Fund investments more transparent to the public, according to North Dakota Monitor. The Legacy Fund, a sovereign wealth fund fueled by oil taxes and valued at $15 billion, was established by a constitutional amendment approved by voters in 2010, and the Legislature has used its earnings since 2019 for property tax credits and other purposes. The site, which officials presented on a Wednesday and launches November 1, allows users to see where and how the state has invested taxpayer money. It also highlights the fund's history, how earnings have been spent, and the roles of different branches of government in managing investments.
State officials praised the platform. Sen. Jerry Klein, R-Fessenden, who chairs the Legacy Fund advisory board, said, "We're creating the transparency we're looking for." Gov. Kelly Armstrong said he was impressed. Jodi Smith, executive director of the Retirement and Investment Office, said she hopes the site will reduce public inquiries about earnings usage. State Treasurer Thomas Beadle described the fund as a safety net for after oil production ends.
Critics argue the site does not go far enough. Satrom, who co-sponsored the 2025 law requiring the website, said the intent was to improve transparency around investments officials have declined to disclose and that no information made available was not already public in some form. He wants a complete accounting of the portfolio, including underlying holdings of commingled funds, and a clear explanation of what is withheld and why. The website includes 75 line items totaling $6.4 billion, or 42% of the fund, that are not listed individually. Sarah Mudder, communications director for the Retirement and Investment Office, said disclosing those holdings would reveal external managers' strategies and that the information is confidential under North Dakota's open records laws. Satrom questioned whether disclosure is truly impossible and said he may propose legislation addressing commingled funds and open records rules when the session begins in January. He also expressed concern about risky ventures and investments in countries or companies working against U.S. national interests, such as Russia.
Rep. Jonathan Warrey, R-Casselton, vice chair of the advisory board, called the concern a "minor concern" and said the website is a "huge step forward for clarity." He said professional managers have been directed to eliminate direct investments in adverse countries. Looking ahead, officials plan to add data on oil-tax deposits into the fund by year-end. Investment data will be updated annually, and real-time reporting is not planned. The website cost roughly $500,000 in one-time development expenses, excluding licensing and maintenance. Members of the public can submit requests through the site's Contact Us form.
State officials praised the platform. Sen. Jerry Klein, R-Fessenden, who chairs the Legacy Fund advisory board, said, "We're creating the transparency we're looking for." Gov. Kelly Armstrong said he was impressed. Jodi Smith, executive director of the Retirement and Investment Office, said she hopes the site will reduce public inquiries about earnings usage. State Treasurer Thomas Beadle described the fund as a safety net for after oil production ends.
Critics argue the site does not go far enough. Satrom, who co-sponsored the 2025 law requiring the website, said the intent was to improve transparency around investments officials have declined to disclose and that no information made available was not already public in some form. He wants a complete accounting of the portfolio, including underlying holdings of commingled funds, and a clear explanation of what is withheld and why. The website includes 75 line items totaling $6.4 billion, or 42% of the fund, that are not listed individually. Sarah Mudder, communications director for the Retirement and Investment Office, said disclosing those holdings would reveal external managers' strategies and that the information is confidential under North Dakota's open records laws. Satrom questioned whether disclosure is truly impossible and said he may propose legislation addressing commingled funds and open records rules when the session begins in January. He also expressed concern about risky ventures and investments in countries or companies working against U.S. national interests, such as Russia.
Rep. Jonathan Warrey, R-Casselton, vice chair of the advisory board, called the concern a "minor concern" and said the website is a "huge step forward for clarity." He said professional managers have been directed to eliminate direct investments in adverse countries. Looking ahead, officials plan to add data on oil-tax deposits into the fund by year-end. Investment data will be updated annually, and real-time reporting is not planned. The website cost roughly $500,000 in one-time development expenses, excluding licensing and maintenance. Members of the public can submit requests through the site's Contact Us form.
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