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 Utah innovation fund;

   3. (c) establish policies for the management of the Utah innovation fund, including:

      1. (i) an investment management code of conduct and associated compliance policy;
      2. (ii) a policy for the strategic allocation of Utah innovation fund assets; and
      3. (iii) a policy articulating the investment committee's investment philosophy for Utah innovation 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 Utah innovation fund and prevent the misapplication of money in the Utah innovation fund.
2. (2) The investment committee shall engage a third-party to audit the Utah innovation fund at least annually.

Renumbered and Amended by Chapter 8, 2025 Special Session 1