H-2226.1 _______________________________________________
SUBSTITUTE HOUSE BILL 1585
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State of Washington 55th Legislature 1997 Regular Session
By House Committee on Financial Institutions & Insurance (originally sponsored by Representatives Huff, L. Thomas, Clements, H. Sommers, Wolfe and Carlson; by request of State Investment Board)
Read first time 02/26/97.
AN ACT Relating to the operation of the state investment board; amending RCW 43.33A.030; and adding a new section to chapter 43.33A RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 43.33A.030 and 1981 c 3 s 3 are each amended to read as follows:
Trusteeship of those funds under the authority of the board is vested in the voting members of the board. The nonvoting members of the board shall advise the voting members on matters of investment policy and practices.
The
board may enter into contracts necessary to carry out its powers and duties.
The board may delegate any of its powers and duties to its executive director
as deemed necessary for efficient administration and when consistent with the
purposes of ((this 1980 act)) chapter 3, Laws of 1981.
Subject to guidelines established by the board, the board's executive director may delegate to board staff any of the executive director's powers and duties including, but not limited to, the power to make investment decisions and to execute investment and other contracts on behalf of the board.
NEW SECTION. Sec. 2. A new section is added to chapter 43.33A RCW to read as follows:
The board or its executive director may delegate by contract to private sector or other external advisors or managers the discretionary authority, as fiduciaries, to purchase or otherwise acquire, sell, or otherwise dispose of or manage investments or investment properties on behalf of the board, subject to investment or management criteria established by the board or its executive director. Such criteria relevant to particular investments or class of investment applicable under the board's contract with an advisor or manager must be incorporated by reference into the contract.
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