Utah Code Ann. § 53D-1-401 – Appointment of director -- Qualifications -- Nature of employment -- Removal by petition.

(1) A director shall manage the office.
(2) If there is a vacancy in the director position, the board shall appoint an individual as director.
(3) The board shall ensure that an individual appointed as director possesses:
1. (a) outstanding professional qualifications pertinent to the prudent investment of trust fund money; and
2. (b) expertise in institutional investment management.
(4) The director is an at-will employee who the board may remove at any time with or without cause.
(5) The state treasurer, as board chair, may consult about the appointment of the director with the chair of the School and Institutional Trust Beneficiaries' Advocacy Council, pursuant to Subsection 53D-2-303(4)(b).

Amended by Chapter 214, 2026 General Session