University of Virginia Library

APPROVAL TO AMEND CRITERIA FOR THE CREATION OF THE UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY

The following resolution was adopted:

WHEREAS, the Board of Visitors approved the criteria to establish the University of Virginia Investment Management Company on March 27, 1998 (hereinafter referred to as Criteria); and

WHEREAS, the Manual of the Board of Visitors authorizes the creation of the Investment Management Company and calls for its membership to ”consist of the Rector, the chair of the Finance Committee who shall also be chair of the subcommittee, three members of the Finance Committee appointed by the Rector, the President or his/her designee, and a minority representation of members appointed by the Board from the general public for their investment experience and expertise.“

RESOLVED that the Criteria are amended to accomplish two changes. Consistent with the Board Manual, one change authorizes the Rector's appointment of three, not four, members of the Finance Committee to the Investment Management Company.

RESOLVED FURTHER, the second change provides for staggered terms of public members appointed by the Board, as follows:

The Board may appoint no more than four public members who shall be alumni of the University, to serve, without compensation save reimbursement of expenses as permitted by University policy, as non-voting members to staggered initial terms not to exceed four years. No member shall be eligible to serve more than two successive four-year terms. Appointment to fill vacancies shall be for the unexpired term with eligibility for reappointment to no more than two successive four-year terms.