# Susannah Marshall
State Bank Commissioner of Arkansas. Email
[email protected]. Per ATRS Board Policy 1 Section XII(a)(3), the State Bank Commissioner is a statutory ex officio member of the ATRS Investment Committee, alongside the State Treasurer.
Marshall is the second of the two ex officio Investment Committee members specified in BP1 (the other being State Treasurer John Thurston). The Investment Committee considers all investment proposals before they go to the full ATRS Board, including Resolution 2025-22 authorizing up to $50 million in Israel Bonds on 6/2/2025.
In the FOIA productions ingested to date, Marshall appears only on the Arkansas State Board of Finance distribution lists (the 11/1/2024 and 2/13/2025 emails from Treasury staff Autumn Sanson and Amanda O'Neal). She does not appear in any documented Israel Bonds correspondence with the Auditor's office, with DCI, with ATRS, or with APERS. She was not on the April 14-15, 2025 Capitol tour schedule that Spadoni and Brady orchestrated. She does not appear in Milligan's 6/10/2025 FOIA-canvass response. She does not appear on the May 16, 2025 contact list Spadoni sent Brad Young for follow-up thank-you notes.
The absence of any Marshall correspondence in the FOIA productions about Israel Bonds is structurally important. Marshall is one of eight Investment Committee members per BP1 Section XII (Board Chair plus five Board appointees plus Treasurer plus Bank Commissioner). She holds one of the two ex officio votes on the committee that recommends investment proposals to the full Board. Whether Marshall was briefed on the Israel Bonds proposal before the 6/2/2025 vote, attended the Investment Committee deliberation, voted in favor or against, or recused, is not documented in any ingested batch. The Auditor's office had documented direct contact with Treasurer Thurston (the other ex officio Investment Committee member) on 4/15/2025; there is no parallel documented contact with Marshall.
The R2 Milligan calendar production adds one calendar-confirmed institutional intersection between Marshall and Milligan. The 3/26/2025 Arkansas State Board of Finance Zoom meeting (organized by Treasury General Counsel Amanda O'Neal, attached SBF agenda and 2/18/25 SBF minutes) lists Marshall as a mandatory participant alongside Milligan, Thurston, Hudson, and Spadoni. The pre-Israel-Bonds-Board-action timing (March 26, eleven weeks before the 6/2 ATRS vote) places this meeting in the period when Milligan was actively working the Auditor's-office channel for Israel Bonds. Whether Israel Bonds was on the SBF agenda for 3/26 is not knowable from the calendar invite alone; the attached SBF agenda PDF would document this if obtainable. The 3/26 meeting establishes that Marshall is in regular institutional contact with Milligan through the SBF, regardless of the absence of documented Israel-Bonds-specific correspondence.
## Evidence
> "There is established an Investment Committee that shall be composed of eight (8) members... The remaining two (2) members of the Investment Committee shall be the State Treasurer and the State Bank Commissioner upon their respective acceptance of their appointment as State Treasurer or State Bank Commissioner."
> Board Policy 1 Section XII(a)(1)(3), BoardPolicy_01.pdf p.8
> "
[email protected]"
> Treasury State Board of Finance distribution lists, State Board of Finance Meeting Documents.pdf p.1, 2/13/2025; State Board of Finance.pdf p.1, 11/1/2024
> "Mandatory participants: Amanda O'Neal; Judd Deere; John Thurston; Jim Hudson; Dennis Milligan;
[email protected]; Chad May;
[email protected]; Leslie Fisken;
[email protected]; Alan McClain;
[email protected]; James Ritchie; Sandra Blount; Bill Huffman; Kenneth Burleson; Ben Ellis; Michael Harry;
[email protected]; Wendy Spadoni;
[email protected];
[email protected];
[email protected]; Paula McGill"
> Arkansas State Board of Finance 3/26/2025 calendar invite, Treasurer of State_s Zoom Meeting.pdf p.1, 3/26/2025
## Cross-References
[[john-thurston]] State Treasurer and the other statutory ATRS Investment Committee ex officio member
[[arkansas-state-board-of-finance]] separate state finance body Marshall serves on alongside Treasurer, Auditor, DFA Secretary, and others
[[atrs-board-governance-structure]] concept page on Investment Committee composition
[[atrs-resolution-2025-22]] concept page on the action Marshall would have voted on at the Investment Committee level
## ATRS Board attendance at April 7 (7/3/25 production)
The 7/3/25 supplemental ATRS FOIA production documents Marshall's personal attendance at the April 7, 2025 ATRS Board meeting. The 4/7 attendance roster embedded in the 6/2 packet lists Marshall directly among "Board Members Present" rather than via designee: "Susannah Marshall, Bank Commissioner." Marshall is therefore the one ex officio trustee documented as personally attending the 4/7 meeting (the other three — Milligan, Thurston, Oliva — attended via designees Brady, Burleson, and Griffin respectively).
Marshall's substantive procedural participation at the 4/7 meeting (motions, seconds, votes) is not separately documented in the extracted minutes text. Whether Marshall personally attended the 6/2 meeting where the Israel Bonds vote was taken is not knowable from the packet (which is pre-meeting); the 6/2 minutes when produced would document this. The Investment Committee meeting on the Israel Bonds proposal (whose recommendation is cited in Resolution 2025-22's preamble) is a separate meeting whose roster and Marshall's participation would be in the Investment Committee minutes, also a follow-up FOIA target.
[[auditor-foia-r2-jbrady]] [[auditor-foia-r2-milligan]] [[atrs-bot-packets-7-3-25]] source pages
## APERS R2 (2-27-26 production): Marshall seated as APERS Trustee at 9/10/2025
The APERS R2 production documents Marshall's seating as a new ex officio Trustee of the APERS Board of Trustees as of the 9/10/2025 Quarterly Board meeting. Per the 9/10 Q3 Board minutes, Marshall is listed among Board Members Present as "Ms. Susannah Marshall, Banking and Securities Department Commissioner." She also attended the 9/10/2025 APERS Investment Finance Committee meeting that morning (listed as "MS. Susanna Marshall, (State Bank Commissioner)" in the IFC minutes — an OCR-error capitalization variant).
Fecher announced Marshall's seating at the 6/11/2025 Q2 Board meeting four months earlier: "there will be two new Board members at the September meeting: Secretary of Transformation and Shared Services, [[leslie-fisken]], and Commissioner Susanna Marshall from the Arkansas State Bank Department." Marshall's seating takes effect four months after the 5/15/2025 APERS IFSC Israel Bonds authorization and approximately three months after the 6/11/2025 Board consent-agenda ratification.
Marshall is now an ex officio Trustee on both pension boards documenting Israel Bonds investments (ATRS Investment Committee per BP1 Section XII and APERS Board per the new appointment). The 9/10/2025 IFC and Q3 Board meetings she attended contained no Israel Bonds discussion. Her substantive procedural participation at APERS is documented as routine: she attended the 9/10/2025 IFC where Brady moved the BlackRock China-divestment authorization and the 9/10/2025 Q3 Board where the IFC Report (containing the BlackRock action) was adopted via consent agenda. Marshall did not move, second, or speak on the Israel Bonds line in the 9/10 IFC Report adoption (the line is not in the 9/10 IFC packet; the 9/10 Board adopted the 6/11 Board minutes which contained the IFC Report's Israel Bonds executive summary, but no separate Marshall vote on Israel Bonds is documented).
The R2 production therefore expands the structural picture: Marshall holds an ex officio Trustee seat at both pension systems where Israel Bonds investments were authorized in 2025, but is absent from all documented Israel Bonds correspondence and entered APERS governance only after the authorization decisions had been made. The pattern continues the structural finding documented in the previous-batches sections: institutional access without documented Israel-Bonds-specific engagement.
[[apers-foia-r2-2-27-26]] source page
## ATRS BOT audio (R 2-28-26): Marshall present at 6/2/2025 ATRS BOT, first audio-confirmed substantive engagement on Tetronix
The 6/2 ATRS BOT audio transcript at [[atrs-bot-audio-6-2-25]] documents Marshall's roll-call presence at the BOT meeting:
> "Ms. Marshall. Here."
> 20250602D_BOT.transcript.txt segments 24-25, [00:00:43 to 00:00:45]
Marshall attended the BOT at which Resolution 2025-22 was formally ratified by voice vote. The transcript does not capture Marshall speaking on Resolution 2025-22 during its motion or vote. Marshall is documented as substantively engaging on the Tetronix v. ATRS Blue Oak Arkansas litigation settlement deliberation (the second-major substantive item at the BOT), asking Hannah Howard of Gill Ragon Owen a legal-mechanics question about the release language (the law-firm identification is corrected from the wiki's prior "Mitchell Williams" framing by the 6/2 guest sign-in sheet ingested at [[atrs-bot-audio-6-2-25]]):
> "if we work to vote to approve the settlement in conjunction with that and I'm not on the legal side of the house so I'm going to butcher this but is there some other acceptance or acknowledgement are we agreeing that someone's at fault or no fault and will there be any opportunity for this to be re-litigated anything like that that we need to be aware of?"
> 20250602D_BOT.transcript.txt segments 497-509, [00:17:30 to 00:18:08]
This is the **first audio-confirmed substantive engagement by Marshall at an ATRS BOT meeting in the wiki's documented record.** The wiki has previously documented Marshall's absence from all Israel Bonds correspondence and her routine presence on Arkansas State Board of Finance Zooms; the BOT transcript documents her substantively engaging on ATRS Board business (Tetronix) while contemporaneously silent on Israel Bonds within the same meeting. The same-meeting asymmetry (engagement on Tetronix versus silence on Israel Bonds) parallels the broader institutional-access-without-Israel-Bonds-engagement pattern documented throughout this entity page.
Marshall's BOT-level Tetronix engagement also makes the Investment Committee morning meeting (now documented at [[atrs-ic-audio-6-2-25]]) the structurally important question on her Israel Bonds engagement: as ex officio Investment Committee member per BP1 Section XII, Marshall would have been at the IC where the substantive Resolution 2025-22 deliberation occurred. The IC audio transcript ingest documented below resolves the question.
## 6/2 IC motion to authorize Resolution 2025-22 (R 2-28-26 audio)
The 6/2/2025 IC audio transcript at [[atrs-ic-audio-6-2-25]] captures Marshall as the IC-level mover of Resolution 2025-22. The motion is documented verbatim at segments 1377-1382:
> "alright so do I hear a motion / I'll make a motion / alright Ms. Marshall makes a motion is there a second / I'll second / alright so any further discussion"
> 20250602B_IC.transcript.txt segments 1377-1382, [00:47:43 to 00:48:01]
This is the wiki's first documented Marshall substantive engagement on Israel Bonds. The wiki's prior framing of Marshall's absence from all Israel Bonds correspondence is now refined: Marshall is absent from the documented written record (no emails, no FOIA-produced correspondence) but present and as the motion mover at the IC-level deliberation where the substantive Resolution 2025-22 vote occurred.
The structural significance: the State Bank Commissioner — the BP1 Section XII statutory ex officio Investment Committee member who did not personally attend the 4/15/2025 Berman Capitol tour, did not appear in any Auditor's-office FOIA production, and was absent from the 9/10/2025 APERS Israel Bonds discussion documented at [[apers-foia-r2-2-27-26]] — nonetheless moved Resolution 2025-22 at the IC where the substantive deliberation occurred. Marshall's IC-level mover role is the wiki's only documented substantive Marshall engagement on Israel Bonds and is structurally significant for the [[atrs-resolution-2025-22]] action's procedural record.
The Marshall motion follows Brady's prepared speech, White's substantive defense, Knight's verbal procedural dissent, and the "to Mr. Knight's point" rebuttal. Marshall did not speak earlier in the deliberation (Whisper captures the deliberation entirely from Brady, White, Knight, and Chip Martin as Chair). The motion is therefore the first and only Marshall substantive intervention on the Israel Bonds item at the IC.
Marshall's seconder is not identified by Whisper. The transcript captures only "I'll second" without speaker attribution at segment 1381. The IC minutes when produced would document the seconder authoritatively.
## 12/1/2025 ATRS Board absence
The 12/1/2025 ATRS Board recordings at [[atrs-board-audio-12-1-25]] do not document Marshall as personally present in the BOT roll call. The IC opens with a roll call that does not name Marshall. The BOT roll call captures (per Whisper rendering) Dr. Hernandez, Mr. Martin, Mr. Bailey, Mr. "Who failed," Mr. "It's board," Ms. Hamilton, Mr. Johnson, Mr. "Knot" (Knight), Mr. Lester, Mr. Allen, Ms. Griffin, Mr. Brady, Mr. Carlson. The Whisper rendering "Mr. Allen" at segment 33 is the plausible designee for Marshall (the pre-ingest analysis flagged "Alben" as the documented Marshall designee; the IC and BOT minutes would document attendance authoritatively).
Marshall's IC-level 6/2 motion to authorize Resolution 2025-22 is therefore the wiki's only documented Marshall engagement on Israel Bonds. Her absence from the 12/1 ATRS Board day documented at [[atrs-board-audio-12-1-25]] (whether personal or through designee Alben) is consistent with the institutional-access-without-Israel-Bonds-engagement pattern documented throughout this entity page. The IC-level mover role at the 6/2 deliberation followed by absence at the regular post-vote 12/1 Board day creates a same-actor before-and-after picture: substantive mover at the authorization moment, then absent from the post-authorization oversight venue six months later.
[[atrs-ic-audio-6-2-25]] [[atrs-board-audio-12-1-25]] source pages
## Sign-In Sheet confirmations (R 2-28-26)
The 2026-05-12 ingest of the FOIA Response 2-28-26 trustee sign-in sheets resolves at the documentary level two attendance questions about Marshall that the audio transcripts could not unambiguously settle.
**Marshall personally attended 6/2/2025.** The trustee sign-in sheet at `raw/atrs/FOIA Response 2-28-26/FOIA Response 2-23-26/Request 1 - Board Meetings/Sign-In Sheets 6-2-2025.pdf` documents Marshall's personal signature alongside attendance marks for Audit, Investment, Operations, and Board sessions on 6/2/2025. The signature cross-confirms Marshall's IC-mover role on Resolution 2025-22 documented at [[atrs-ic-audio-6-2-25]] and her substantive BOT engagement on Tetronix documented at [[atrs-bot-audio-6-2-25]]. Marshall is documented at the documentary level as personally present at the meeting where the substantive Israel Bonds authorization was deliberated and ratified.
**Marshall did NOT personally attend 12/1/2025; her designee was John Alben.** The trustee sign-in sheet at `Sign-In Sheets 12-21-2025.pdf` (filename typo for 12/1/2025) records the Marshall ex officio row with "Alben, John (designee)" annotation and John Alben's signature. The wiki's prior framing inferred Alben as the designee from the Whisper "Mr. Allen" rendering at the 12/1 BOT roll call; the sign-in sheet resolves the question authoritatively. Marshall's pattern of substantive IC engagement at the 6/2 authorization moment followed by personal absence at the 12/1 post-authorization Board day is now anchored at the documentary level, sharpening the "institutional access without Israel-Bonds-engagement" pattern documented throughout this entity page.