Utah Code § 53D-1-303 — Utah Code / Title 53D / Chapter 53D-1 / § 53D-1-303
§ 53D-1-303. Board authority and duties.
Status: in_force

7/1/2026 (1) The board has broad policymaking authority over the office and the trust fund. (2) (a) The board shall establish policies for the management of: (i) the office, including: (A) an investment management code of conduct and associated compliance policy; (B) a policy for the strategic allocation of trust fund assets; (C) a soft dollar policy; and (D) a policy articulating the board's investment philosophy for trust fund assets; and (ii) the trust fund. (b) Policies that the board adopts shall: (i) be consistent with the enabling act, the Utah Constitution, and other applicable state law; (ii) reflect undivided loyalty to the beneficiaries consistent with fiduciary duties; (iii) be designed to prudently optimize trust fund returns and increase the value of the trust fund, consistent with the balancing of short-term and long-term interests, so that the fiduciary duty of intergenerational equity is met; (iv) be designed to maintain the integrity of the trust fund and prevent the misapplication of money in the trust fund; (v) enable the board to oversee the activities of the office; and (vi) otherwise be in accordance with standard trust principles as provided by state law. (3) The board shall: (a) establish a conflict of interest policy for the office and board members; (b) establish policies governing the evaluation, selection, and monitoring of independent custodial arrangements; (c) ensure that the office is managed according to law; (d) establish bylaws to govern the board; (e) establish the compensation of the director; (f) annually examine the compensation and performance of the director as part of the board's budget review process which may include responses from: (i) interested parties; (ii) the advocacy office director; and (iii) the director of the School and Institutional Trust Lands Administration; (g) annually report the director's compensation to the Legislature; and (h) (i) adopt policies to provide for annual training of board members regarding the board member's duties and responsibilities; and (ii) ensure that any training described in Subsection (3)(h)(i) complies with Title 63G, Chapter 22, State Training and Certification Requirements. (4) The board may: (a) after conferring with the director: (i) hire one or more consultants to advise the board, director, or office on issues affecting the management of the trust fund; and (ii) pay compensation to any consultant hired under Subsection (4)(a)(i), subject to budgetary constraints; and (b) submit to the director a written question or set of questions concerning policies and practices affecting the management of the trust fund.7/1/2026 (1) The board has broad policymaking authority over the office and the trust fund. (2) (a) The board shall establish policies for the management of: (i) the office, including: (A) an investment management code of conduct and associated compliance policy; (B) a policy for the strategic allocation of trust fund assets; (C) a soft dollar policy; and (D) a policy articulating the board's investment philosophy for trust fund assets; and (ii) the trust fund. (b) Policies that the board adopts shall: (i) be consistent with the enabling act, the Utah Constitution, and other applicable state law; (ii) reflect undivided loyalty to the beneficiaries consistent with fiduciary duties; (iii) be designed to prudently optimize trust fund returns and increase the value of the trust fund, consistent with the balancing of short-term and long-term interests, so that the fiduciary duty of intergenerational equity is met; (iv) be designed to maintain the integrity of the trust fund and prevent the misapplication of money in the trust fund; (v) enable the board to oversee the activities of the office; and (vi) otherwise be in accordance with standard trust principles as provided by state law. (3) The board shall: (a) establish a conflict of interest policy for the office and board members; (b) establish policies governing the evaluation, selection, and monitoring of independent custodial arrangements; (c) ensure that the office is managed according to law; (d) establish bylaws to govern the board; (e) establish the compensation of the director; (f) annually examine the compensation and performance of the director as part of the board's budget review process which may include responses from: (i) interested parties; (ii) the advocacy office director; and (iii) the director of the School and Institutional Trust Lands Administration; (g) annually report the director's compensation to the Legislature; and (h) (i) adopt policies to provide for annual training of board members regarding the board member's duties and responsibilities; and (ii) ensure that any training described in Subsection (3)(h)(i) complies with Title 63G, Chapter 22, State Training and Certification Requirements. (4) The board may: (a) after conferring with the director: (i) hire one or more consultants to advise the board, director, or office on issues affecting the management of the trust fund; and (ii) pay compensation to any consultant hired under Subsection (4)(a)(i), subject to budgetary constraints; and (b) submit to the director a written question or set of questions concerning policies and practices affecting the management of the trust fund.