(1) The institute board shall appoint and determine compensation for a chair of the investment committee.
(2) The committee chair shall:
(a) manage and execute the policies established by the institute board and the investment committee;
(b) in consultation with the investment committee, manage qualified investments made by the Utah innovation fund;
(c) annually submit to the institute:
(i) a budget for the Utah innovation fund; and
(ii) a financial plan for operations of the Utah innovation fund;
(d) in accordance with generally accepted principles of fund accounting, establish a system to identify and account for Utah innovation fund assets;
(e) maintain appropriate records of Utah innovation fund activities to enable auditors to conduct periodic audits as described in Section 53H-16-407; and
(f) fulfill other duties as provided by the investment committee.