Utah Code § 53D-1-501 — Utah Code / Title 53D / Chapter 53D-1 / § 53D-1-501
§ 53D-1-501. Nominating committee -- Membership -- Terms -- Vacancies -- Compensation.
Status: in_force

7/1/2026 (1) There is established a School and Institutional Trust Fund Nominating Committee. (2) The seven-member nominating committee consists of: (a) five members the state treasurer appoints upon recommendation by the advocacy office director including: (i) four individuals with experience in the field of institutional investment or endowments, who belong to a respected professional investment organization, or who previously served on the School and Institutional Trust Fund Office's Board of Trustees; and (ii) one investment officer who administers a public institutional investment fund or public university endowment in the state; and (b) two members of the School and Institutional Trust Beneficiaries' Advocacy Council the advocacy council chair appoints, contingent on the member's council membership. (3) An individual appointed as a member of the nominating committee under Subsection (2)(a) shall be appointed based on the individual's expertise, contacts, or connections in: (a) investment finance; (b) institutional asset management; (c) trust administration; or (d) the practice of law in the areas of capital markets, securities law, trusts, foundations, endowments, investment finance, institutional asset management, or trust administration. (4) The term of a member appointed under Subsection (2)(a) is four years. (5) A nominating committee member shall serve until a successor is appointed and qualified. (6) (a) If a member appointed under Subsection (2)(a) leaves office, the vacancy shall be filled in the same manner as the initial appointment under Subsection (2)(a). (b) An individual appointed to fill a vacancy under Subsection (6)(a) serves the remainder of the unexpired term. (7) A member of the nominating committee may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with: (a) Section 63A-3-106; (b) Section 63A-3-107; and (c) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107. (8) The advocacy office shall provide staff support to the nominating committee. (9) The nominating committee shall, by a majority vote, establish, amend, and publish guidelines consistent with this section to govern the nominating process.7/1/2026 (1) There is established a School and Institutional Trust Fund Nominating Committee. (2) The seven-member nominating committee consists of: (a) five members the state treasurer appoints upon recommendation by the advocacy office director including: (i) four individuals with experience in the field of institutional investment or endowments, who belong to a respected professional investment organization, or who previously served on the School and Institutional Trust Fund Office's Board of Trustees; and (ii) one investment officer who administers a public institutional investment fund or public university endowment in the state; and (b) two members of the School and Institutional Trust Beneficiaries' Advocacy Council the advocacy council chair appoints, contingent on the member's council membership. (3) An individual appointed as a member of the nominating committee under Subsection (2)(a) shall be appointed based on the individual's expertise, contacts, or connections in: (a) investment finance; (b) institutional asset management; (c) trust administration; or (d) the practice of law in the areas of capital markets, securities law, trusts, foundations, endowments, investment finance, institutional asset management, or trust administration. (4) The term of a member appointed under Subsection (2)(a) is four years. (5) A nominating committee member shall serve until a successor is appointed and qualified. (6) (a) If a member appointed under Subsection (2)(a) leaves office, the vacancy shall be filled in the same manner as the initial appointment under Subsection (2)(a). (b) An individual appointed to fill a vacancy under Subsection (6)(a) serves the remainder of the unexpired term. (7) A member of the nominating committee may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with: (a) Section 63A-3-106; (b) Section 63A-3-107; and (c) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107. (8) The advocacy office shall provide staff support to the nominating committee. (9) The nominating committee shall, by a majority vote, establish, amend, and publish guidelines consistent with this section to govern the nominating process.