But the governor’s move has spawned concerns that a green energy litmus test over investment decisions could end up limiting the fund’s growth should Cuomo’s prognostications regarding energy sector stocks prove to be flawed. “The comptroller needs to stick to his guns and understand that his fiduciary responsibility is to the beneficiaries” of the fund, said Christopher Burnham, the former Connecticut state treasurer who served as the sole trustee of the Nutmeg State’s pension fund from 1995 to 1997.
“You have to invest these monies cautiously, carefully and wisely, and without allowing a personal agenda to play a role in how you execute your duties,” said Burnham, a Republican and native New Yorker who is chairman of Cambridge Global Advisors in Virginia. DiNapoli and Cuomo are downstate Democrats, though at times the relationship between the two has been chilly. Since Cuomo advanced his pension proposal, the comptroller has avoided arguing with the governor over the issue, instead signaling that he welcomes the “opportunity to partner” with Cuomo via an advisory council aimed at “achieving investment returns.”