Utah Code § 53H-16-404: Nucleus Fund investment committee duties.

(1) The investment committee shall:

(a) comply with guidelines and directives from the institute board;

(b) manage and conduct business affairs of the Nucleus Fund;

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

(i) an investment management code of conduct and associated compliance policy;

(ii) a policy for the strategic allocation of Nucleus Fund assets; and

(iii) a policy articulating the investment committee's investment philosophy for Nucleus Fund assets; and

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

(i) consistent with this chapter, the Utah Constitution, and other applicable law;

(ii) consistent with sound fiduciary principles; and

(iii) designed to maintain the integrity of the Nucleus Fund and prevent the misapplication of money in the Nucleus Fund.

(2) The investment committee shall engage a third-party to audit the Nucleus Fund at least annually.