a. Review of charter. This charter shall be reviewed and reassessed by the Investment Committee at least annually, and any proposed changes shall be submitted to the Board of Trustees for approval.
b. Membership/structure/quorum. The Investment Committee shall consist of five or more members appointed by and serving at the pleasure of the Chair of the Board. The Committee may include non-trustees although at all times at least five of the members of the Committee shall be voting trustees. The Chair of the Investment Committee shall be appointed by the Chair of the Board. The Chair of the Board and the President shall be members ex officio of the Investment Committee. Committee members should have investment, business, or endowment management expertise sufficient to evaluate the risks associated with the Committee’s purpose. A quorum of any meeting of the Investment Committee shall consist of a majority of its voting members.
c. Staff designee. The Executive Vice President and Chief Financial Officer and his/her designee shall be staff to the Committee.
d. Meetings. Meetings shall be held in conjunction with regularly scheduled meetings of the Board, or as deemed necessary by the Chair of the Committee.
e. Agenda, minutes and reports. The Chair of the Committee, in collaboration with the staff designee, shall be responsible for establishing the agendas for meetings of the Committee. An agenda, together with relevant materials, shall be sent to the Committee members in advance of each meeting. Minutes for all meetings shall be prepared in draft form by the staff designee and reviewed by the Chair, and shall be approved by the Committee members at the following meeting. The minutes shall be distributed periodically to the full Board of Trustees. The Committee shall make regular reports to the Board of Trustees.
III. Authority and responsibilities:
The Committee’s primary responsibilities are as follows:
a. Develop a comprehensive understanding of the relationship between the operating budget (e.g. spending rule) and the investment policy;
b. Establish an Investment Policy Statement for approval by the Board; c. Oversee the adoption of appropriate risk management policies and procedures to manage, to the extent possible, market, liquidity, operational, credit, and other investment and asset management risks;
d. Select investment managers, as desired, for specific asset classes and strategies;
e. Review overall program and manager specific performance, asset allocation, and program expenses, and conduct ongoing manager due diligence;
f. If an investment consultant is engaged, review its performance at least annually;
g. In collaboration with the Budget & Finance Committee, gain a full understanding of the institution’s debt structure and implications for any future borrowings and establish a debt policy for regular review.
h. Work with the staff designee to ensure that internal reporting practices meet the committee’s needs and expectations; and
i. Conduct an annual self –evaluation of the performance of the Committee, and the effectiveness and compliance with this charter. The Investment Committee shall also consult with the Audit Committee to ascertain that, to the extent possible, the custodian, brokerage and investment manager accounts of the endowment have been appropriately examined and reconciled.
Approved by the Investment Committee May 9, 2018
Approved by the N&G Committee May 11, 2018
Approved by the Board of Trustees May 11, 2018