53D-1-501. Nominating committee -- Membership -- Terms -- Vacancies -- Compensation.
(1) There is established a School and Institutional Trust Fund Nominating Committee.
(2) The seven-member nominating committee consists of: five members the state treasurer appoints upon recommendation by the advocacy office director including: four individuals with experience in the field of institutional investment or endowments, who belong to a respected professional investment organization, or who previously served on the School and Institutional Trust Fund Office's Board of Trustees; and one investment officer who administers a public institutional investment fund or public university endowment in the state; and two members of the School and Institutional Trust Beneficiaries' Advocacy Council the advocacy council chair appoints, contingent on the member's council membership.
(3) An individual appointed as a member of the nominating committee under Subsectionshall be appointed based on the individual's expertise, contacts, or connections in: (2)(a) investment finance; institutional asset management; trust administration; or the practice of law in the areas of capital markets, securities law, trusts, foundations, endowments, investment finance, institutional asset management, or trust administration.
(4) The term of a member appointed under Subsectionis four years. (2)(a)
(5) A nominating committee member shall serve until a successor is appointed and qualified.
(6) If a member appointed under Subsectionleaves office, the vacancy shall be filled in the same manner as the initial appointment under Subsection. (2)(a) (2)(a) An individual appointed to fill a vacancy under Subsectionserves the remainder of the unexpired term. (6)(a)
(7) A member of the nominating committee may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with: Section; 63A-3-106 Section; and 63A-3-107 rules made by the Division of Finance pursuant to Sectionsand. 63A-3-106 63A-3-107
(8) The advocacy office shall provide staff support to the nominating committee.
(9) The nominating committee shall, by a majority vote, establish, amend, and publish guidelines consistent with this section to govern the nominating process.