51.1-124.24 - Chief investment officer; qualifications; duties.
§ 51.1-124.24. Chief investment officer; qualifications; duties.
A. To assist the Board of Trustees in fulfilling its fiduciary duty astrustee of the funds of the Virginia Retirement System, the Board shallemploy a chief investment officer to direct, manage, and administer theinvestment department. The chief investment officer shall be employed underspecial contract with the Board, shall report directly to the Board, shallserve at the pleasure of the Board, and may be removed by a majority vote ofthe Board.
B. To ensure that the Board of Trustees receives competent, professionaladvice regarding its investment decisions from the chief investment officer,the chief investment officer shall demonstrate (i) an ability to oversee,structure, and evaluate institutional investment portfolios and (ii)extensive experience in any two or more of the following areas: domesticequity or fixed-income securities, international equity or fixed-incomesecurities, cash management, alternative investments, managed futures, orlarge real estate investments. By resolution of the Board, additionalqualifications for the chief investment officer may be set.
C. In addition to such duties as the Board of Trustees may include in itsspecial employment contract with the chief investment officer, he shall havethe following duties: (i) coordinating asset allocation for all asset classesand subclasses within each class; (ii) supervising, evaluating, andmonitoring the investment portfolio and associated investment activities;(iii) facilitating communication between and among the Board of Trustees,advisory committees, employees, members, beneficiaries, and outside entitiesinterested in the investment programs of the retirement system; (iv)enhancing the Board's ability to make effective, prompt decisions in allmatters related to investments and the administration of the investmentdepartment; and (v) reporting as requested by the General Assembly.
(1994, cc. 4, 85.)