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SUBSTITUTE
HOUSE BILL 1585
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Passed
Legislature - 1997 Regular Session
State of Washington 55th
Legislature 1997 Regular Session
By
Read first time 02/26/97.
Authorizing
the state investment board to delegate certain powers and duties.
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.
