(1) The investment committee shall: (a) comply with guidelines and directives from the institute board; (b) manage and conduct business affairs of the Utah innovation fund; (c) establish policies for the management of the Utah innovation fund, including: (i) an investment management code of conduct and associated compliance policy; (ii) a policy for the strategic allocation of Utah innovation fund assets; and (iii) a policy articulating the investment committee's investment philosophy for Utah innovation 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 Utah innovation fund and prevent the misapplication of money in the Utah innovation fund. (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
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