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POLICY ESTABLISHING THE INVESTMENT ADVISORY GROUP
Adopted November 19, 1999
Amended July 19, 2007 and September 20, 2007

Function: The Investment Advisory Committee Group shall function in an oversight and evaluative role providing advice to The Regents with respect to establishment of investment policies and investment performance, including, but not limited to, investment strategies, polices and procedures; investment performance; investment personnel in the Office of the Treasurer; external investment managers; and Office of the Treasurer budget.

Authority: The Committee on Investments has authority under Regents Bylaw 12.5 for management of investments of the Corporation, and the Advisory Group shall have no management or action authority. In addition, the Investment Advisory Group shall have no authority for selection of specific investments, including the selection of investment managers or individual investments.

Composition: The Advisory Group shall have not more than six and not fewer than four members,appointed by the Board of Regents upon recommendation of the Committee on Governance. Membership is limited to investment professionals, faculty, and UC Foundation members not currently serving as Regents. Members of the Advisory Group shall serve for an initial term of four years and may serve a second term of four years.

Meetings: Members of the Advisory Group shall meet only as non-voting advisors in meetings of The Regents’ Committee on Investments, which are noticed and conducted in accordance with the provisions of the Bagley-Keene Open Meeting Act.

Reports: The Advisory Group may request the Treasurer, other University of California staff, and such external sources as the Group shall determine advisable to provide reports on investment matters.

Consultant: The Advisory Group may recommend to the Committee on Investments that one or more consultants be retained from time to time to advise the Advisory Group and the Committee on Investments.

Conflicts: Members of the Advisory Group shall upon taking and leaving office and annually during their terms, with updates when information changes, disclose the following: their status and the status of their immediate family, within the meaning of the Political Reform Act, as partners, members, executive officers or employees with any and all investment management firms; any ownership interest in a privately held investment management firm; and any ownership interest of 1 percent or more in a publicly traded investment management firm.

An investment management firm is defined as a for-profit business entity which derives its revenues from the investment of third-party assets or, if it is a diversified business entity, no other business line contributes more renvenues or earnings than the investment of third-party assets.

Expenses: Members of the Advisory Group shall receive no compensation for their services. They shall be reimbursed for expenses associated with service on the Advisory Group in accordance with policies applicable to members of the Board.