53H-16-404. Nucleus Fund investment committee duties.
(1) The investment committee shall: comply with guidelines and directives from the institute board; manage and conduct business affairs of the Nucleus Fund; establish policies for the management of the Nucleus Fund, including: an investment management code of conduct and associated compliance policy; a policy for the strategic allocation of Nucleus Fund assets; and a policy articulating the investment committee's investment philosophy for Nucleus Fund assets; and ensure that policies adopted by the investment committee are: consistent with this chapter, the Utah Constitution, and other applicable law; consistent with sound fiduciary principles; and designed to maintain the integrity of the Nucleus Fund and prevent the misapplication of money in the Nucleus Fund.
(2) The investment committee shall engage a third-party to audit the Nucleus Fund at least annually.