(a) Appointment. The state treasurer shall nominate, with the advice and consent of the board of trustees, an investment advisory council, consisting of five (5) persons who, at the time of their appointment, shall have at least five (5) years' professional experience as portfolio manager, economist, or as investment advisor in any field for which investments of Tennessee consolidated retirement system funds are authorized.
(b) Terms of Members.
(1) The terms of office of the members of the council shall be for five (5) years, except that of the initial appointees, one (1) shall serve for one (1) year, one (1) shall serve for two (2) years, one (1) shall serve for three (3) years, one (1) shall serve for four (4) years, and one (1) shall serve for five (5) years.
(2) The terms of the initial appointees shall begin January 1, 1973.
(c) Additional Appointments. In addition to the members nominated pursuant to subsection (a) above, the treasurer may, at the treasurer's discretion, nominate two (2) additional members to the investment advisory council. One of the additional members shall be of a racial minority and the other shall be female. Both members shall have at least five (5) years' professional experience as a portfolio manager, economist or investment manager in any field for which investments of Tennessee consolidated retirement system funds are authorized or as a university professor in the school of business, finance, investments or economics. Any such nomination shall be with the advice and consent of the board of trustees. The terms of office of the additional members shall be for three (3) years with the terms beginning on July 1 and ending on June 30 of the appropriate years.
(d) Compensation of Members. Members of the council shall receive no salaries, but shall be reimbursed for the actual expenses incurred by them in the performance of their duties.
(e) Vacancies.
(1) Should a vacancy occur on the council, the state treasurer shall appoint a person equally qualified for the remainder of the term.
(2) Members may succeed themselves on the council.
(f) Meetings Financial Report. The council shall meet at least quarterly or more frequently as determined by the state treasurer. At all such meetings, the investment staff shall present a report of the investment portfolio showing all receipts, disbursements, and changes in the assets and liabilities which have occurred since the last meeting.
(g) Proceedings and Records Open to Public. All of its proceedings and records shall be open for inspection by the public.
(a) Appointment. The state treasurer shall nominate, with the advice and consent of the board of trustees, an investment advisory council, consisting of five (5) persons who, at the time of their appointment, shall have at least five (5) years' professional experience as portfolio manager, economist, or as investment advisor in any field for which investments of Tennessee consolidated retirement system funds are authorized.
(b) Terms of Members.
(1) The terms of office of the members of the council shall be for five (5) years, except that of the initial appointees, one (1) shall serve for one (1) year, one (1) shall serve for two (2) years, one (1) shall serve for three (3) years, one (1) shall serve for four (4) years, and one (1) shall serve for five (5) years.
(2) The terms of the initial appointees shall begin January 1, 1973.
(c) Additional Appointments. In addition to the members nominated pursuant to subsection (a) above, the treasurer may, at the treasurer's discretion, nominate two (2) additional members to the investment advisory council. One of the additional members shall be of a racial minority and the other shall be female. Both members shall have at least five (5) years' professional experience as a portfolio manager, economist or investment manager in any field for which investments of Tennessee consolidated retirement system funds are authorized or as a university professor in the school of business, finance, investments or economics. Any such nomination shall be with the advice and consent of the board of trustees. The terms of office of the additional members shall be for three (3) years with the terms beginning on July 1 and ending on June 30 of the appropriate years.
(d) Compensation of Members. Members of the council shall receive no salaries, but shall be reimbursed for the actual expenses incurred by them in the performance of their duties.
(e) Vacancies.
(1) Should a vacancy occur on the council, the state treasurer shall appoint a person equally qualified for the remainder of the term.
(2) Members may succeed themselves on the council.
(f) Meetings Financial Report. The council shall meet at least quarterly or more frequently as determined by the state treasurer. At all such meetings, the investment staff shall present a report of the investment portfolio showing all receipts, disbursements, and changes in the assets and liabilities which have occurred since the last meeting.
(g) Proceedings and Records Open to Public. All of its proceedings and records shall be open for inspection by the public.
(a) Appointment. The state treasurer shall nominate, with the advice and consent of the board of trustees, an investment advisory council, consisting of five (5) persons who, at the time of their appointment, shall have at least five (5) years' professional experience as portfolio manager, economist, or as investment advisor in any field for which investments of Tennessee consolidated retirement system funds are authorized.
(b) Terms of Members.
(1) The terms of office of the members of the council shall be for five (5) years, except that of the initial appointees, one (1) shall serve for one (1) year, one (1) shall serve for two (2) years, one (1) shall serve for three (3) years, one (1) shall serve for four (4) years, and one (1) shall serve for five (5) years.
(2) The terms of the initial appointees shall begin January 1, 1973.
(c) Additional Appointments. In addition to the members nominated pursuant to subsection (a) above, the treasurer may, at the treasurer's discretion, nominate two (2) additional members to the investment advisory council. One of the additional members shall be of a racial minority and the other shall be female. Both members shall have at least five (5) years' professional experience as a portfolio manager, economist or investment manager in any field for which investments of Tennessee consolidated retirement system funds are authorized or as a university professor in the school of business, finance, investments or economics. Any such nomination shall be with the advice and consent of the board of trustees. The terms of office of the additional members shall be for three (3) years with the terms beginning on July 1 and ending on June 30 of the appropriate years.
(d) Compensation of Members. Members of the council shall receive no salaries, but shall be reimbursed for the actual expenses incurred by them in the performance of their duties.
(e) Vacancies.
(1) Should a vacancy occur on the council, the state treasurer shall appoint a person equally qualified for the remainder of the term.
(2) Members may succeed themselves on the council.
(f) Meetings Financial Report. The council shall meet at least quarterly or more frequently as determined by the state treasurer. At all such meetings, the investment staff shall present a report of the investment portfolio showing all receipts, disbursements, and changes in the assets and liabilities which have occurred since the last meeting.
(g) Proceedings and Records Open to Public. All of its proceedings and records shall be open for inspection by the public.
