HARRY HUGHES, Governor

3169

(I)  4 MEMBERS APPOINTED BY THE BOARD OF
TRUSTEES FROM AMONG ITS 13 MEMBERS FOR STAGGERED 4 YEAR
TERMS, 1 OF WHOM SHALL BE AN ELECTED TRUSTEE OF THE EMPLOYEE
SYSTEM, 1 OF WHOM SHALL BE AN ELECTED TRUSTEE OF THE
TEACHERS' SYSTEM, 1 OF WHOM SHALL BE AN APPOINTED TRUSTEE OF
THE STATE POLICE SYSTEM, AND 1 OF WHOM SHALL BE AN EX
OFFICIO TRUSTEE . ; AND

(II)  3 MEMBERS OF THE PUBLIC APPOINTED BY
THE BOARD OF TRUSTEES WITH THE APPROVAL OF THE BOARD OF
PUBLIC WORKS FOR STAGGERED 4 YEAR TERMS WHO ARE NOT MEMBERS
OR BENEFICIARIES OF ANY OF THE SEVERAL SYSTEMS AND WHO HAVE
HAD A BACKGROUND OF EXPERIENCE IN THE MANAGEMENT AND CONTROL
OF LARGE INVESTMENT FUNDS. THE BOARD OF TRUSTEES MAY SET
ADDITIONAL QUALIFICATIONS FOR PUBLIC MEMBERS AND MAY ADOPT
RULES AND REGULATIONS RELATING TO ETHICAL STANDARDS AND
CONFLICTS OF INTEREST FOR PUBLIC MEMBERS.

(B)  THE CHAIRMAN AND VICE CHAIRMAN OF THE
INVESTMENT COUNCIL SHALL BE DESIGNATED ANNUALLY BY THE BOARD
OF TRUSTEES.

(C) (I) THE INVESTMENT COUNCIL SHALL SUPERVISE
THE ACTIVITIES OF THE STATE INVESTMENT AGENCY ON BEHALF OF
THE BOARD OF TRUSTEES.

(II) THE MEMBERS OF THE COUNCIL SHALL
REVIEW ALL INVESTMENT PROGRAMS TO ENSURE COMPLIANCE WITH
ESTABLISHED POLICY.

(III.) THE MEMBERS OF THE COUNCIL SHALL
PREPARE AN OPERATIONS MANUAL DETAILING FUNCTIONS OF THE
INVESTMENT COUNCIL AND THE STATE INVESTMENT AGENCY, GOALS
AND OBJECTIVES OF THE SEVERAL INVESTMENT PROGRAMS, AND
POLICIES GOVERNING INVESTMENT SELECTION AND RETENTION.
AMENDMENTS SHALL BE INCORPORATED FROM TIME TO TIME AS
CONDITIONS WARRANT. THE OPERATIONS. MANUAL AND ANY
SUBSEQUENT AMENDMENTS THERETO SHALL BE SUBMITTED TO THE
BOARD OF TRUSTEES FOR APPROVAL PRIOR TO IMPLEMENTATION.

(IV) THE MEMBERS OF THE COUNCIL SHALL
REVIEW ANNUAL BUDGET REQUESTS OF THE STATE INVESTMENT
AGENCY, INCLUDING SALARY REQUESTS, STAFFING LEVELS, AND
STAFF DISTRIBUTION.

(D) THE MEMBERS OF THE NEW INVESTMENT COUNCIL SHALL
BE REIMBURSED FOR THEIR ACTUAL AND NECESSARY EXPENSES

(D)  THE MEMBERS OF THE INVESTMENT COUNCIL SHALL
BE REIMBURSED FOR THEIR ACTUAL AND NECESSARY EXPENSES
INCURRED IN THE PERFORMANCE OF THEIR DUTIES IN ACCORDANCE
WITH THE STANDARD STATE TRAVEL REGULATIONS., PUBLIC MEMBERS
OF THE INVESTMENT COUNCIL SHALL BE PAID COMPENSATION AT THE
PER DIEM RATE PROVIDED IN THE BUDGET FOR EACH DAY ON WHICH
THEY ARE ACTUALLY AND NECESSARILY ENGAGED IN THE PERFORMANCE
OF THEIR DUTIES. TRUSTEE MEMBERS OF THE INVESTMENT COUNCIL
SHALL RECEIVE NO COMPENSATION FOR THEIR SERVICES.