Section 21-115 - Investment Committee - Membership.
§ 21-115. Investment Committee - Membership.
(a) In general.- The Board of Trustees shall:
(1) specify by resolution the number of members of the Investment Committee; and
(2) except as provided in subsection (b)(2) of this section, appoint annually the members of the Investment Committee from the members of the Board of Trustees.
(b) Composition.- The Board of Trustees shall ensure that the membership of the Investment Committee includes:
(1) a representative of each of:
(i) the Employees' Pension System or the Employees' Retirement System;
(ii) the Teachers' Pension System or the Teachers' Retirement System; and
(iii) the State Police Retirement System; and
(2) three representatives from the public appointed by the Board of Trustees with the approval of the Board of Public Works for staggered 3-year terms who:
(i) are not members, retirees, or beneficiaries under any of the several systems;
(ii) have had experience in the management and control of large investments; and
(iii) have at least 10 years of substantial experience as any one or a combination of the following:
1. a portfolio manager acting in a fiduciary capacity;
2. an employee or principal of a trust institution, investment organization, or endowment fund acting either in a management-related capacity or an investment-related capacity;
3. a chartered financial analyst in good standing; or
4. a professional engaged in a public or private financial or investment field that is comparable to the fields listed in this item.
(c) Qualifications.- The Board of Trustees may:
(1) set additional qualifications for public members; and
(2) adopt regulations on ethical standards and conflicts of interest for public members.
(d) Chairman.- By resolution, the Board of Trustees shall designate the chairman of the Investment Committee.
[An. Code 1957, art. 73B, § 1-103; 1994, ch. 6, § 2; 2003, ch. 403, § 1.]