Superseded 7/1/2026
400 words·~2 min read·
/ut/title-53d/chapter-1/7-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/8/2018
Superseded 7/1/2026
53D-1-303. Board authority and duties.
(1)The board has broad policymaking authority over the office and the trust fund.
(a)The board shall establish policies for the management of:
(i)the office, including:
(A)an investment management code of conduct and associated compliance policy;
(B)a policy for the strategic allocation of trust fund assets;
(C)a soft dollar policy; and
(D)a policy articulating the board's investment philosophy for trust fund assets; and
(ii)the trust fund.
(b)Policies that the board adopts shall:
(i)be consistent with the enabling act, the Utah Constitution, and other applicable state law;
(ii)reflect undivided loyalty to the beneficiaries consistent with fiduciary duties;
(iii)be designed to prudently optimize trust fund returns and increase the value of the trust fund, consistent with the balancing of short-term and long-term interests, so that the fiduciary duty of intergenerational equity is met;
(iv)be designed to maintain the integrity of the trust fund and prevent the misapplication of money in the trust fund;
(v)enable the board to oversee the activities of the office; and
(vi)otherwise be in accordance with standard trust principles as provided by state law.
(3)The board shall:
(a)establish a conflict of interest policy for the office and board members;
(b)establish policies governing the evaluation, selection, and monitoring of independent custodial arrangements;
(c)ensure that the office is managed according to law;
(d)establish bylaws to govern the board;
(e)establish the compensation of the director;
(f)annually examine the compensation and performance of the director as part of the board's budget review process;
(g)annually report the director's compensation to the Legislature; and
(i)adopt policies to provide for annual training of board members regarding their duties and responsibilities; and
(ii)ensure that any training described in Subsection (3)(h)(i) complies with Title 63G, Chapter 22, State Training and Certification Requirements .
(4)The board may:
(a)after conferring with the director:
(i)hire one or more consultants to advise the board, director, or office on issues affecting the management of the trust fund; and
(ii)pay compensation to any consultant hired under Subsection (4)(a)(i) , subject to budgetary constraints; and
(b)submit to the director a written question or set of questions concerning policies and practices affecting the management of the trust fund.
Amended by Chapter 200 , 2018 General Session