800

LAWS OF MARYLAND

Ch. 173

whom shall be an appointed trustee of the State Police system,
and 3 of whom shall be appointed or 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 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.

(5) The executive director for investments shall appoint
such employees as may be provided for in the budget to assist in
carrying out the duties of the Agency. The staff shall be
classified employees subject to the provisions of Article 64A
except for employees holding positions that are designated by the
executive director, with the approval of the Board of Trustees,
as professional or technical positions that involve specialized