{"data":{"id":"us-ut/utah-code-53d-1-303","jurisdiction":"us-ut","citation":"Utah Code § 53D-1-303","heading":"Board authority and duties.","body":"(1) The board has broad policymaking authority over the office and the trust fund.\n(2)\n(a) The board shall establish policies for the management of:\n(i) the office, including:\n(A) an investment management code of conduct and associated compliance policy;\n(B) a policy for the strategic allocation of trust fund assets;\n(C) a soft dollar policy; and\n(D) a policy articulating the board's investment philosophy for trust fund assets; and\n(ii) the trust fund.\n(b) Policies that the board adopts shall:\n(i) be consistent with the enabling act, the Utah Constitution, and other applicable state law;\n(ii) reflect undivided loyalty to the beneficiaries consistent with fiduciary duties;\n(iii) be designed to prudently optimize trust fund returns and increase the value of the trust fund, consistent with the balancing of short-term and long-term interests, so that the fiduciary duty of intergenerational equity is met;\n(iv) be designed to maintain the integrity of the trust fund and prevent the misapplication of money in the trust fund;\n(v) enable the board to oversee the activities of the office; and\n(vi) otherwise be in accordance with standard trust principles as provided by state law.\n(3) The board shall:\n(a) establish a conflict of interest policy for the office and board members;\n(b) establish policies governing the evaluation, selection, and monitoring of independent custodial arrangements;\n(c) ensure that the office is managed according to law;\n(d) establish bylaws to govern the board;\n(e) establish the compensation of the director;\n(f) annually examine the compensation and performance of the director as part of the board's budget review process which may include responses from:\n(i) interested parties;\n(ii) the advocacy office director; and\n(iii) the director of the School and Institutional Trust Lands Administration;\n(g) annually report the director's compensation to the Legislature; and\n(h)\n(i) adopt policies to provide for annual training of board members regarding the board member's duties and responsibilities; and\n(ii) ensure that any training described in Subsection (3)(h)(i) complies with Title 63G, Chapter 22, State Training and Certification Requirements.\n(4) The board may:\n(a) after conferring with the director:\n(i) hire one or more consultants to advise the board, director, or office on issues affecting the management of the trust fund; and\n(ii) pay compensation to any consultant hired under Subsection (4)(a)(i), subject to budgetary constraints; and\n(b) submit to the director a written question or set of questions concerning policies and practices affecting the management of the trust fund.","path":["Title 53D School and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office","Chapter 53D-1 School and Institutional Trust Fund Management Act","Part 53D-1-3 School and Institutional Trust Fund Board of Trustees"],"source_url":"https://le.utah.gov/xcode/Title53D/Chapter1/53D-1-S303.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"d9850e8d3ca36a89daabec3eba1426d384f030917f5ef00984e61e9063ad5e76","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-53d-1-302","next":"us-ut/utah-code-53d-1-304"},"notice":"GroundRules: Original legal text. Not legal advice."}