53D-1-303. Board authority and duties.
(1) The board has broad policymaking authority over the office and the trust fund.
(2) The board shall establish policies for the management of: the office, including: an investment management code of conduct and associated compliance policy; a policy for the strategic allocation of trust fund assets; a soft dollar policy; and a policy articulating the board's investment philosophy for trust fund assets; and the trust fund. Policies that the board adopts shall: be consistent with the enabling act, the Utah Constitution, and other applicable state law; reflect undivided loyalty to the beneficiaries consistent with fiduciary duties; be designed to prudently optimize trust fund returns and increase the value of the trust fund, consistent with the balancing of short-term and long-term interests, so that the fiduciary duty of intergenerational equity is met; be designed to maintain the integrity of the trust fund and prevent the misapplication of money in the trust fund; enable the board to oversee the activities of the office; and otherwise be in accordance with standard trust principles as provided by state law.
(3) The board shall: establish a conflict of interest policy for the office and board members; establish policies governing the evaluation, selection, and monitoring of independent custodial arrangements; ensure that the office is managed according to law; establish bylaws to govern the board; establish the compensation of the director; annually examine the compensation and performance of the director as part of the board's budget review process which may include responses from: interested parties; the advocacy office director; and the director of the School and Institutional Trust Lands Administration; annually report the director's compensation to the Legislature; and adopt policies to provide for annual training of board members regarding the board member's duties and responsibilities; and ensure that any training described in Subsectioncomplies with. (3)(h)(i) Title 63G, Chapter 22, State Training and Certification Requirements
(4) The board may: after conferring with the director: hire one or more consultants to advise the board, director, or office on issues affecting the management of the trust fund; and pay compensation to any consultant hired under Subsection, subject to budgetary constraints; and (4)(a)(i) submit to the director a written question or set of questions concerning policies and practices affecting the management of the trust fund.