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