Utah Code § 53D-1-501
Nominating committee -- Membership -- Terms -- Vacancies -- Compensation
Redline — January 1, 2025 → current.View current text →
Current — July 1, 2026
As of January 1, 2025
(1) There is established a School and Institutional Trust Fund Nominating Committee.
(1) There is established a School and Institutional Trust Fund Nominating Committee.
(2) The nominating committee consists of:
(a) four members, appointed by the state treasurer upon recommendation by the advocacy office director, each of whom is a member of a respected professional investment organization;
(b) the chief investment officer of the University of Utah endowment;
(c) the chief investment officer of the Utah State University endowment; and
(d) the advocacy office director.
(2) The seven-member nominating committee consists of:
(a) five members the state treasurer appoints upon recommendation by the advocacy office director including:
(i) 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
(ii) one investment officer who administers a public institutional investment fund or public university endowment in the state; and
(b) 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 Subsection (2)(a) 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.
(3) An individual appointed as a member of the nominating committee under Subsection (2)(a) shall be appointed based on the individual's expertise, contacts, or connections 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) is four years.
(4) The term of a member appointed under Subsection (2)(a) is four years.
(5) A nominating committee member shall serve until a successor is appointed and qualified.
(5) A nominating committee member shall serve until a successor is appointed and qualified.
(6)
(a) If a member appointed under Subsection (2)(a) leaves office, the vacancy shall be filled in the same manner as the initial appointment under Subsection (2)(a).
(b) An individual appointed to fill a vacancy under Subsection (6)(a) serves the remainder of the unexpired term.
(6)
(a) If a member appointed under Subsection (2)(a) leaves office, the vacancy shall be filled in the same manner as the initial appointment under Subsection (2)(a).
(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.
(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.
(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.
Official source: Utah State Legislature. Reproduced from public-domain Utah statutes; confirm against the official source for the current text. Not legal advice.