BILL REQ. #: S-4537.1
| State of Washington | 62nd Legislature | 2012 Regular Session |
READ FIRST TIME 02/07/12.
AN ACT Relating to policies governing investments by state research universities; and adding a new section to chapter 28B.10 RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 A new section is added to chapter 28B.10 RCW
to read as follows:
The regents of each state research 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
regents of each state research university must provide for the
preparation, at least annually, of a publicly available investment
performance report that describes asset allocations and performance of
investments.