51-7a-301 - Investment advisory committee -- Creation. - Utah Statutes

51-7a-301. Investment advisory committee -- Creation.
(1) (a) There is created an investment advisory committee of seven members appointedas follows:
(i) one member appointed by the president of the University of Utah;
(ii) one member appointed by the president of Utah State University;
(iii) two members appointed by the state superintendent of public instruction;
(iv) one member appointed by the president of the Utah Education Association;
(v) one member appointed by the president of the Utah Parent Teachers Association; and
(vi) one member appointed by the Board of Trustees of the School and Institutional TrustLands Administration.
(b) In making appointments, the appointing authority shall appoint candidates withexperience in securities, investments, or banking, or other experience that would aid thecommittee in fulfilling its responsibilities.
(2) (a) (i) Except as required by Subsection (2)(a)(ii), as terms of current committeemembers expire, the appointing authority shall appoint each new member or reappointed memberto a four-year term.
(ii) The appointing authority shall, at the time of appointment or reappointment, adjustthe length of terms to ensure that the terms of committee members are staggered so thatapproximately half of the committee is appointed every two years.
(b) When a vacancy occurs in the membership for any reason, the replacement shall beappointed for the unexpired term.
(3) The investment advisory committee shall meet at least quarterly.
(4) The investment advisory committee shall elect a chair and vice chair.
(5) (a) A committee member shall disclose any conflict of interest to the board.
(b) If the conflict involves a direct, personal financial interest in either the subject underconsideration or an entity or asset that could be substantially affected by the outcome ofcommittee advice, the member may not vote on the matter.
(6) A member may not receive compensation or benefits for the member's service, butmay receive per diem and travel expenses in accordance with:
(a) Section 63A-3-106;
(b) Section 63A-3-107; and
(c) rules made by the Division of Finance pursuant to Sections 63A-3-106 and63A-3-107.

Amended by Chapter 286, 2010 General Session