3 Executive Board Members Vote Against Salary Raise for State Investment Officer

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The South Dakota Executive Board approved a 1.4% salary increase for State Investment Officer Matt Clark, but in a rare move, three of the 15 board members voted against the raise. Clark has served as the state's investment officer since 1984, and his base salary will now exceed $650,000 annually.

Why it matters

Compensation for public sector investment managers is often a contentious issue, as taxpayers want to ensure their money is being managed responsibly while also needing to offer competitive pay to attract and retain top talent. The dissenting votes on Clark's raise suggest there may be growing scrutiny over his pay package.

The details

The South Dakota Investment Council recommended the 1.4% raise for Clark, which would bring his base salary to over $650,000 per year. While the majority of the 15-member Executive Board, made up of state legislators, approved the raise, three board members voted against it - the first time in recent history that any board members have dissented on the investment officer's compensation.

• The Executive Board approved Matt Clark's salary raise on April 15, 2026.
• Clark has served as the state's investment officer since 1984.

What’s next

The three Executive Board members who voted against the raise have not publicly stated their reasons for doing so, but their dissent could lead to further scrutiny of Clark's compensation package.