"NEW SECTION.  Sec. 1   A new section is added to chapter 28B.10 RCW to read as follows:
     The boards of regents of the University of Washington and Washington State University must adopt policies that govern investments of university funds. The policies must be consistent with the uniform prudent management of institutional funds act, chapter 24.55 RCW, and must address investment objectives, asset allocation, investment parameters and guidelines, and the delegation of authority over investments. The policies must address potential personal conflicts of interest under RCW 42.52.190 as well as potential institutional conflicts of interest with the university's other enterprise and research activities in accordance with applicable state and federal laws. The policies must be available to the public. The boards of regents of the University of Washington and Washington State University also must provide for the preparation, at least annually, of a publicly available investment performance report that describes asset allocations and performance of investments."