Newly elected Marianas Public Land Trust Chairman Philip Mendiola-Long left, speaks, as vice chair Dr. Rita A. Sablan, right, treasurer Alvaro Santos, third left, members Carla Camacho, second left, and Vianney Hocog, second right, listen. Also in the photo are financial officer Vinney A. Hocog, center background, legal counsel Robert T. Torres, right background, and Raymond James & Associates representative Jason Miyashita, back to the camera.
PHILIP Mendiola-Long, Dr. Rita A. Sablan and Alvaro Santos, who were sworn in last month, have taken over the leadership of the Marianas Public Land Trust.
Long, a former MPLT chairman, was elected chairman during an organizational meeting on April 21. Sablan, a former education commissioner, was elected vice chair and Santos, who served as MPLT chairman about a decade ago, was elected treasurer.
They are the appointees of Gov. Arnold I. Palacios.
The other board members are Vianney Hocog and Carla N. Camacho whose terms will expire in 2028. They are the appointees of former Gov. Ralph DLG Torres.
Palacios nominated Long, Sablan and Santos following the resignations of former trustees Maria Frica Pangelinan, Martin B. Ada and Pete Q. Cruz in January.
Prior to their resignations, the MPLT board voted to terminate the contract of its financial consultant for 40 years, certified public accountant Bruce MacMillan. Hocog, in his capacity as acting chairman, then hired his son, Vinney A. Hocog, as MPLT’s new financial officer.
In an interview, Santos said “it’s good to be back.” He added that MPLT is for posterity. As board members, they must preserve public land revenues for the future generations of people of Northern Marianas Descent, he said.
Santos noted that over the years, MPLT has been successful in managing the people’s wealth.
Mendiola-Long, for his part, said he was honored that Gov. Palacios and Lt. Gov. David M. Apatang have faith in him. He also thanked his fellow trustees for their confidence in him.
As fiduciaries, Mendiola-Long said they are individually liable.
The first order of business, he added, is to conduct the fiduciary process by analyzing the current position of the MPLT funds, see where the portfolio is, how the investments were made, what the returns are, and whether they are satisfactory.
He said they will then formalize a plan based on the portfolio and a financial analysis.
During their meeting on Wednesday, the trustees also interviewed, via videoconference, representatives of high-yield investment managers Voya Investment Management and Pacific Income.
The trustees will have to terminate the contract of their current investment manager, Chartwell Investment Partners, because its mother company was acquired by MPLT’s current investment consultant, Raymond James & Associates.
Also attending the MPLT meeting in person was Raymond James representative, Jason Miyashita.
