Board Members

The Investment Board consists of nine members who are appointed by the governor subject to Senate confirmation and serve for terms for four years. The members of the Investment Board shall be: one citizen with a minimum of ten years´ broad experience in the field of public educational administration, one member of the Idaho Senate, one member of the Idaho House of Representatives, and six public members from the citizenry at large who are knowledgeable and experienced in financial matters and the placement or management of investment assets (Idaho Code, Section 57-718).

Members of the board shall serve until successors have been selected and qualified. A member of the board shall not hold an office, position, or employment in a political party, with the exception of those members from the House of Representatives and the Senate. An appointed member may be removed from the board for cause by a two-thirds (2/3) vote of the full board. A vacancy in the appointive membership of the board during a term shall be filled by appointment by the governor for the unexpired term.

The meetings of the board shall be held at least quarterly and at other times upon the call of the chairman or a majority of the board. A chairman of the board shall be elected by a majority of the members of the board. A majority of the members of the board shall constitute a quorum for the transaction of business (Idaho Code, Section 57-719).

With the approval of two-thirds (2/3) of the members of the board, a manager of investments and portfolio managers may be employed or contracted with to perform such managerial activities and functions as the board directs. The manager of investments and portfolio managers may either be employed by the board or serve pursuant to contract. The Manager of Investments and Portfolio Manager(s) serve at the pleasure of the board in non-classified positions if their persons are state employees. The Board may authorize the employment of whatever staff it deems necessary for the administration of the board’s business.

If the Manager of Investments and portfolio managers are state employees, they shall be bonded in amount established by the board. If these functions are performed pursuant to contract, the contract shall contain a clause to provide for bonding of the contractor’s personnel (Idaho Code, Section 57-727).

The Investment Board or its investment manager(s) or custodian(s) shall have the care and control of all investment instruments representing mortgages, bonds, warrants, investments, and other securities in which the permanent endowment funds and earnings reserve funds of the state shall be invested. The Investment Board and its investment manager(s) shall be governed by the Idaho Uniform Prudent Investor Act (Idaho Code, Section 68-501), and shall invest and manage the assets of the respective trusts in accordance with that act and the Idaho constitution.

The Investment Board may, with the approval of the state Board of Land Commissioners, invest other funds that are exempt from section 67-1210, Idaho Code (Idaho Code, Section 57-720).

Investment Board members are compensated at the rate of $100 per day (Idaho Code, Section 57-719).