19-3.0161. Investment Responsibilities of the Executive Director

The Executive Director has the responsibility and authority to organize and manage the ongoing investment activities of the Board. The Executive Director is responsible for implementing approved investment objectives, policies and strategies. All Investment Policy Statements shall be submitted to the Board for approval. The Executive Director shall periodically review such policy statements and shall submit proposed Investment Policy Statement revisions to the Investment Advisory Council for review. The Executive Director’s management of the funds may include tactical changes in particular portfolio holdings in accordance with approved policies. The intent is to provide the Executive Director with sufficient authority and operating flexibility to make prudent and professional investment decisions in response to changing market and economic conditions, and otherwise to ensure that the Board fulfills its fiduciary duties.