ROBERT L. EHRLICH, JR., Governor                             Ch. 403

(2) [except as provided in subsection (b)(2) of this section,] appoint
annually the members of the Investment Committee from the members of the Board
of Trustees.

(b) The Board of Trustees shall ensure that the membership of the Investment
Committee includes:

(1) a [representative of each of] TRUSTEE REPRESENTING:

(i) the Employees' Pension System or the Employees' Retirement
System;

(ii) the Teachers' Pension System or the Teachers' Retirement
System; and

(iii) the State Police Retirement System; and

(2) [three representatives from the public appointed by the Board of
Trustees with the approval of the Board of Public Works for staggered 3-year terms
who:

(i) are not members, retirees, or beneficiaries under any of the
several systems; and

(ii) have had experience in the management and control of large
investments.] THREE TRUSTEES WHO WERE APPOINTED UNDER § 21-104(A)(4)(VII) OF
THIS SUBTITLE.; AND

(III) HAVE AT LEAST 10 YEARS OF SUBSTANTIAL EXPERIENCE AS
ANY ONE OR A COMBINATION OF THE FOLLOWING:

1. A PORTFOLIO MANAGER ACTING IN A FIDUCIARY
CAPACITY;

2.       AN EMPLOYEE OR PRINCIPAL OF A TRUST INSTITUTION,
INVESTMENT ORGANIZATION, OR ENDOWMENT FUND ACTING EITHER IN A
MANAGEMENT-RELATED CAPACITY OR AN INVESTMENT-RELATED CAPACITY;

3.      A CHARTERED FINANCIAL ANALYST IN GOOD STANDING;
OR

4.       A PROFESSIONAL ENGAGED IN A PUBLIC OR PRIVATE
FINANCIAL OR INVESTMENT FIELD THAT IS COMPARABLE TO THE FIELDS LISTED IN
THIS ITEM.

(e) [The Board of Trustees may:

(1) set additional qualifications for public members; and

(2) adopt regulations on ethical standards and conflicts of interest for

public members.

(d)] By resolution, the Board of Trustees shall designate the chairman of the
Investment Committee.

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