Utah Code § 53H-16-404
Utah innovation fund investment committee duties
Redline — January 1, 2025 → current.View current text →
Current — July 1, 2026
As of January 1, 2025
(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.
(1) The investment committee shall: (a) comply with guidelines and directives from the institute board; (b) manage and conduct business affairs of the Nucleus Fund; (c) establish policies for the management of the Nucleus Fund, including: (i) an investment management code of conduct and associated compliance policy; (ii) a policy for the strategic allocation of Nucleus Fund assets; and (iii) a policy articulating the investment committee's investment philosophy for Nucleus 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 Nucleus Fund and prevent the misapplication of money in the Nucleus Fund.
(2) The investment committee shall engage a third-party to audit the Utah innovation fund at least annually.
(2) The investment committee shall engage a third-party to audit the Nucleus Fund at least annually.
Official source: Utah State Legislature. Reproduced from public-domain Utah statutes; confirm against the official source for the current text. Not legal advice.