§ 9-4-720 — Investment funds committee created; duties

(a) There is created the investment funds committee. The
committee consists of seven (7) voting members including the
state treasurer and six (6) members appointed by a selection
panel in accordance with W.S. 9-4-721. In addition to the voting
members, there shall be one (1) ex officio nonvoting member
appointed by the governor, one (1) ex officio nonvoting member
appointed by the president of the senate and one (1) ex officio
nonvoting member appointed by the speaker of the house of
representatives. The designated chief investment officer and
the chief investment officer of the Wyoming retirement system
shall also be ex officio nonvoting members.
(b) The ex officio nonvoting member appointed by the
governor shall serve for the term of office of the governor but
may be removed by the governor. The ex officio nonvoting
members appointed by the president of the senate and speaker of
the house of representatives shall serve two (2) year terms but
are eligible for reappointment and may be removed by the officer
appointing the member.
(c) The voting members appointed by a selection panel
shall serve a three (3) year term. The voting members are
eligible for reappointment. Terms of appointment for voting
members shall commence on March 1 of the year of appointment.
Any appointed voting member of the committee may be removed by
the selection panel at any time or may be removed by the
governor for malfeasance or misconduct in office. If an
appointed voting position on the committee becomes vacant for
any reason, the selection panel shall, not later than sixty (60)
days after the position becomes vacant, appoint a member in
accordance with W.S. 9-4-721 to fill the position for the
remainder of the unexpired term. Appointed voting members of
the investment funds committee shall be confirmed by the senate.
The selection panel may fill any vacancy occurring between
sessions of the legislature by temporary appointment.
(d) The state treasurer shall be the chairman of the
committee. The committee shall hold not less than four (4)
regularly scheduled meetings each year. Special meetings may be
called by the chairman and shall be called by the chairman upon
a written request submitted by a majority of the voting members.
All matters shall be decided by a majority vote of a quorum of
the voting members of the committee, except as otherwise
provided in this section.
(e) Meeting facilities, secretarial or clerical
assistance, supplies and such other assistance as the committee
may require in the performance of its duties shall be provided
by the office of the state treasurer. Members of the committee
who are not employees or elected officials of the state of
Wyoming shall be paid expenses in the manner and amount
prescribed for state employees under W.S. 9-3-102 and 9-3-103
for each day of attending and traveling to and from meetings and
other activities necessary to the performance of the duties of
the committee.
(f) The committee shall:
(i) Review state investment policies and procedures
and recommend statutory, rule or policy modifications as the
committee deems appropriate to maximize total net returns while
protecting principal in a manner that strives for the highest
possible risk adjusted total return consistent with an
appropriate level of safety, liquidity and consideration of the
unique circumstances for each fund;
(ii) Consult with the state treasurer and the board
as required by law and as requested by each of those entities
regarding the establishment and execution of state investment
policies;
(iii) Monitor the investment of state funds in
alternative investments;
(iv) Report to the legislature's select committee on
capital financing and investments regarding state investment
policies, procedures, authority and execution of the same upon
request;
(v) Establish or approve investment benchmarks and
determine or review whether benchmarks have been exceeded as
required by W.S. 9-1-409(e) and 9-3-406(a). Ex officio
nonvoting members of the committee shall not vote on any
benchmark.
(g) The committee through the state treasurer's office may
contract with consultants having special expertise to assist in
the performance of its duties.
(h) Liability of committee members shall be governed by
W.S. 1-23-107.