Section 53D-1-303 - Board authority and duties(1) The board has broad policymaking authority over the office and the trust fund.(2)(a) The board shall establish policies for the management of: (i) the office, including: (A) an investment management code of conduct and associated compliance policy;(B) a policy for the strategic allocation of trust fund assets;(C) a soft dollar policy; and(D) a policy articulating the board's investment philosophy for trust fund assets; and(b) Policies that the board adopts shall:(i) be consistent with the enabling act, the Utah Constitution, and other applicable state law;(ii) reflect undivided loyalty to the beneficiaries consistent with fiduciary duties;(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;(iv) be designed to maintain the integrity of the trust fund and prevent the misapplication of money in the trust fund;(v) enable the board to oversee the activities of the office; and(vi) otherwise be in accordance with standard trust principles as provided by state law.(3) The board shall: (a) establish a conflict of interest policy for the office and board members;(b) establish policies governing the evaluation, selection, and monitoring of independent custodial arrangements;(c) ensure that the office is managed according to law;(d) establish bylaws to govern the board;(e) establish the compensation of the director;(f) annually examine the compensation and performance of the director as part of the board's budget review process;(g) annually report the director's compensation to the Legislature; and(h)(i) adopt policies to provide for annual training of board members regarding their duties and responsibilities; and(ii) ensure that any training described in Subsection (3)(h)(i) complies with Title 63G, Chapter 22, State Training and Certification Requirements.(4) The board may: (a) after conferring with the director: (i) hire one or more consultants to advise the board, director, or office on issues affecting the management of the trust fund; and(ii) pay compensation to any consultant hired under Subsection (4)(a)(i), subject to budgetary constraints; and(b) submit to the director a written question or set of questions concerning policies and practices affecting the management of the trust fund.Amended by Chapter 200, 2018 General Session ,§ 19, eff. 5/8/2018.Added by Chapter 426, 2014 General Session ,§ 15, eff. 7/1/2014.