(1) In order to facilitate the investment, reinvestment, sale, and disposition of corporate stocks, the board of governors of the Colorado state university system, referred to in this section as the board, is authorized to hold certificates of stock in the name of a nominee of its selection without disclosing the fact that the certificates are held by the board or are held in a fiduciary capacity if:
(a) The records of the board and all reports or accounts rendered by it clearly show the ownership of the stock by the board and the facts regarding the board's holdings; and
(b) The nominee deposits with the board a signed statement showing the trust ownership, endorses the stock certificate in blank, and does not have possession of or access to the stock certificate except under the immediate supervision of the treasurer of the Colorado state university system or another person that the board has designated.
(2) The board shall maintain a list of certificates of stock held in the names of nominees pursuant to this section and shall make the list available for public inspection during normal business hours.
(3) Notwithstanding section 24-1-136 (11)(a)(I), the board shall report to the joint budget committee of the general assembly at each regular session regarding the investments made and the earnings or losses derived therefrom under the provisions of this section and section 23-30-121. The report shall include information indicating the extent to which the investment managers hired by the board have achieved or failed to achieve the performance benchmarks established pursuant to section 23-30-123 (1)(b).
Source: L. 2008: Entire section added, p. 343, � 6, effective April 10. L. 2017: (3) amended, (HB 17-1251), ch. 253, p. 1060, � 12, effective August 9.
23-30-123. Investment policy - fiduciary responsibility - annual financial statements. (1) If the board of governors votes to invest assets of the Colorado state university system pursuant to sections 23-30-121 and 23-30-122, the board shall develop and annually review a written investment policy for the Colorado state university system, which policy shall include:
(a) An acknowledgment by the board of governors of the board's fiduciary responsibility with respect to oversight of the investment policy of the system; and
(b) The establishment of performance benchmarks for each investment manager hired by the board of governors pursuant to sections 23-30-121 and 23-30-122.
(2) In selecting investment managers for the purposes of this section, the board of governors shall use an open and competitive process.
(3) If the board of governors votes to invest assets of the Colorado state university system pursuant to sections 23-30-121 and 23-30-122, notwithstanding section 24-1-136 (11)(a)(I), the board shall require annual financial statements to be submitted to the board of governors, the state treasurer, the state auditor, and the joint budget committee of the general assembly. The financial statements shall include, at a minimum, information concerning investment income, gains, and losses, if any, of the Colorado state university system. The financial statements shall report the performance of investments on both a gross-of-fee and a net-of-fee basis.
(4) If the board of governors votes to invest moneys pursuant to sections 23-20-121 and 23-20-122, the board:
(a) Shall ensure that, at all times, liquid investment assets remain at a level sufficient to pay for all budgeted, outstanding operational obligations and expenses occurring within the current fiscal year; and
(b) Repealed.
(5) The Colorado state university system shall not request from the general assembly any general fund appropriations to replace any losses incurred due to investment activities conducted by the board of governors pursuant to sections 23-30-121 and 23-30-122.
Source: L. 2008: Entire section added, p. 344, � 6, effective April 10. L. 2013: (4)(b) repealed, (SB 13-270), ch. 250, p. 1317, � 6, effective May 23. L. 2017: (3) amended, (HB 17-1251), ch. 253, p. 1061, � 13, effective August 9.