88R33150 CW-D
By: Eckhardt S.R. No. 681
R E S O L U T I O N
WHEREAS, B. Holland Timmins is retiring from his role as the
chief executive officer of the Texas Permanent School Fund
Corporation on May 31, 2023, drawing to a close an outstanding
career in state investment that has spanned four decades; and
WHEREAS, A seventh-generation Texan and the grandson of a
public school history teacher, Mr. Timmins began his career serving
the Lone Star State in 1983; over the course of his 23-year tenure
with the Texas Permanent School Fund Corporation, the
organization's value has grown from $17 billion to more than $50
billion, and its returns have exceeded the benchmark and provided
an additional value of $1.3 billion to the fund; and
WHEREAS, Along the way, Mr. Timmins has partnered with the
State Board of Education to achieve intergenerational equity for
all students while protecting the Texas Permanent School Fund, and
$18 billion has been distributed to public education over the last
18 years; following the adoption of a constitutional amendment in
2003, he worked with the State Board of Education to direct the
transition of the fund from a traditional stocks-and-bonds
income-based investment portfolio to a modern and diversified
total-return investment portfolio; he has also overseen the
successful transition of the Texas Permanent School Fund's assets
and management to the Texas Permanent School Fund Corporation, a
complex effort that merged investments and staff from two separate
state entities into a stand-alone, top-tier corporation; and
WHEREAS, Under this esteemed professional's able leadership,
the Texas Permanent School Fund Corporation has earned numerous
honors; the organization was named the Sovereign Wealth Fund of the
Year at the 17th Annual Hedge Fund Industry Awards and the Global
Real Estate Investor of the Year at the 2019 IPE Real Estate Global
Conference & Awards; it has also been recognized with the
Certificate of Achievement for Excellence in Financial Reporting by
the Government Finance Officers Association for the past eight
consecutive years; and
WHEREAS, Throughout his career, Holland Timmins has greatly
benefited the State of Texas and its public schools, and he has
earned the lasting respect and admiration of his colleagues and
fellow citizens alike; now, therefore, be it
RESOLVED, That the Senate of the 88th Texas Legislature
hereby congratulate B. Holland Timmins on his retirement as the
chief executive officer of the Texas Permanent School Fund
Corporation and extend to him sincere best wishes for the future;
and, be it further
RESOLVED, That an official copy of this resolution be
prepared for Mr. Timmins as an expression of high regard by the
Texas Senate.