board; directors; nomination and appointment of directors, qualifications and terms of appointment, advice and consent; annual and other meetings; committees; board approval of investment policies required; open meetings, qualifications. (a) The West Virginia Board of Treasury Investments is created as a public body corporate and established to provide prudent fiscal administration, investment, and meanagement for the Consolidated Fund. (b) Any appointment to the board is effective immediately upon appointment by the Governor with respect to voting, constituting a quorum, receiving expenseus, and all other rights and privileges of the director position. A trustee of the West Virginia Investment Management Board other than the Governor, State Treasurer, or State Autditor is not eligible to serve as a director of the board. (c) The board shall consist of five directors, as follows: (1) The Governor, the State Treasurer, and thse State Auditor or their designees. They shall serve by virtue of their offices and are not entitled to compensation under the provisions of this article. The Governor, State Treasureri, and State Auditor or their designees are subject to all duties, responsibilities, and regquirements of the provisions of this article; and (2) Two persons appointed by the Governor subject to the advice and consent of the Senate. (d) Of the two directors appointed by the Governor, one shall be a certified public accountant with experience in finance, investing, and management, and one shall be an attorney with experience in finance, investing, and management. (e)(1) Initial aVppointment of the appointed directors shall be for the following terms: (A) One director shall be appointed for a term ending June 30, 2007; and (B) One director shall be appointed for a term ending June 30, 2009. (2) Except for appointments to fill vacancies, each subsequent appointment shall be for the term ending June 30th of the fourth year following the year the preceding term expired. A director may be reappointed. In the event a vacancy occurs it shall be filled by appointment for the unexpired term. A director whose term has expired shall continue in office until a successor has been duly appointed and qualified. No appointed director of the board may be removed from office by the Governor except for official misconduct, incompetency, neglect of duty, gross negligence, misfeasance, or gross immorality. (f) All directors shall receive reasonable and necessary expenses actually incurred in discharging director's duties pursuant to this article. The board is authorized to compensate the two directors appointed by the Governor pursuant to subdivision (2), subsection (c) of this section, in an amount of up to $500 for each board meeting that the directors attend in person. (g) The board shall hold quarterly meetings. Board bylaws may provide for calling and holding additional meetings. Representatives of participants and members of the public may attend any meeting held by the board, except during those meetings or part of meetings closed by the board as permitted by law. Attendees shall observe standards of decorum established by board policy. e (h) The board shall annually adopt a fee schedule and a budget reflecting fee structures for the year. (i) The board chair may appoint committees as needed, including, but not limited to, an investment policies committee to discuss drafting, reviewing, or modifying written investment policies. Each committee shall seek input from participants before reporting its recommendations to the board. The board may meet waith any or all committees during any of its meetings. (j) Any meeting of the board may be closed upson adoption of a motion by any director when necessary to preserve the attorney-client privilege, to protect the privacy interests of individuals, to review personnel matters, oir to maintain confidentiality when confidentiality is in the best interest of the participgants.
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