§ 53D-1-501. Nominating committee -- Membership -- Terms -- Vacancies -- Compensation. (Effective 7/1/2014)

(1) There is established a School and Institutional Trust Fund Nominating Committee.

(2) The nominating committee consists of:

(a) two members appointed by the State Board of Education;

(b) two members, appointed by the director of the school children's trust section, each of whom is a member of a respected professional organization;

(c) the chief investment officer of the University of Utah endowment;

(d) the chief investment officer of the Utah State University endowment; and

(e) the director of the school children's trust section.

(3) An individual appointed as a member of the nominating committee under Subsection (2)(a) or (b) shall be appointed based on the individual's expertise in:

(a) investment finance;

(b) institutional asset management;

(c) trust administration; or

(d) 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 Subsection (2)(a) or (b) is four years, except that the initial term of members appointed under Subsection (2)(b) is two years.

(5) A nominating committee member shall serve until a successor is appointed and qualified.

(6)

(a) If a member appointed under Subsection (2)(a) or (b) leaves office, the vacancy shall be filled in the same manner as the initial appointment under Subsection (2)(a) or (b).

(b) An individual appointed to fill a vacancy under Subsection (6)(a) serves the remainder of the unexpired term.

(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:

(a) Section 63A-3-106;

(b) Section 63A-3-107; and

(c) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.

Enacted by Chapter 426, 2014 General Session