University of Virginia Library

APPROVAL OF CRITERIA TO CREATE THE UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY

• The following resolution was adopted:
• WHEREAS, the Finance Committee has conducted a study of the University's investment operations and governance in light of the growing responsibility of managing the University's endowment; and
• WHEREAS, the Manual of the Board of Visitors, authorizes the establishment of a subcommittee of the Finance Committee, to be known as the University of Virginia Investment Management Company;
• RESOLVED, upon the Rector's appointment of four members of the Finance Committee to the aforesaid subcommittee, the Board hereby delegates responsibility for investment and management of the University's endowment and non-state investments, including the retention of investment managers and services, to the subcommittee to be known as the University of Virginia Investment Management Company; and
• RESOLVED FURTHER, 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 initial terms not to exceed four years, with eligibility of reappointment for consecutive four-year term, such that no member shall be eligible to serve more than two successive terms; and
• RESOLVED FURTHER that the Treasurer of the
• University of Virginia shall serve as the President of said company; and
• RESOLVED FURTHER, the said company shall invest and manage the University's endowment and non-state investments in accordance with applicable Board policy, as shall be in effect from time to time, and shall report its actions to the Finance Committee at its next meeting; and
• RESOLVED FURTHER that appropriate officials of the University are authorized to take all actions necessary to carry out this resolution; and
• RESOLVED FURTHER that this authorization shall continue in effect until repealed or otherwise modified by the Board of Visitors.