1. (1) There is established a School and Institutional Trust Fund Nominating Committee.

2. (2) The seven-member nominating committee consists of:

   1. (a) five members the state treasurer appoints upon recommendation by the advocacy office director including:

      1. (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
      2. (ii) one investment officer who administers a public institutional investment fund or public university endowment in the state; and
   2. (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. (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:

   1. (a) investment finance;
   2. (b) institutional asset management;
   3. (c) trust administration; or
   4. (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. (4) The term of a member appointed under Subsection (2)(a) is four years.
5. (5) A nominating committee member shall serve until a successor is appointed and qualified.

6. (6)

   1. (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).
   2. (b) An individual appointed to fill a vacancy under Subsection (6)(a) serves the remainder of the unexpired term.

7. (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:

   1. (a) Section 63A-3-106;
   2. (b) Section 63A-3-107; and
   3. (c) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.
8. (8) The advocacy office shall provide staff support to the nominating committee.
9. (9) The nominating committee shall, by a majority vote, establish, amend, and publish guidelines consistent with this section to govern the nominating process.

Amended by Chapter 214, 2026 General Session