1. (1) The investment committee shall:

   1. (a) comply with guidelines and directives from the institute board;
   2. (b) manage and conduct business affairs of the Nucleus Fund;

   3. (c) establish policies for the management of the Nucleus Fund, including:

      1. (i) an investment management code of conduct and associated compliance policy;
      2. (ii) a policy for the strategic allocation of Nucleus Fund assets; and
      3. (iii) a policy articulating the investment committee's investment philosophy for Nucleus Fund assets; and

   4. (d) ensure that policies adopted by the investment committee are:

      1. (i) consistent with this chapter, the Utah Constitution, and other applicable law;
      2. (ii) consistent with sound fiduciary principles; and
      3. (iii) designed to maintain the integrity of the Nucleus Fund and prevent the misapplication of money in the Nucleus Fund.
2. (2) The investment committee shall engage a third-party to audit the Nucleus Fund at least annually.

Amended by Chapter 138, 2026 General Session