USVI Public Records

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Nia 106 INVESTMENT COMMITTEE (Board of Trustees Meeting, January 30, 1977) At a previous meeting of the Board of Trustees, a request had been made that an investment committee be established to work with the President of the College and the Treasurer of the College in making decisions with regard to the purchase and sale of securities belonging to the College, the decisions to be consistent with broad policies established by the Board of Trustees. After discussion of the question, the Board of Trustees acted +o establish an Investment Committee consisting of the Chairman of the Board of Trustees, the President of the College, two members of the Board of Trustees appointed by the Chairman of the Board of Trustees, and the Treasurer of the College. It was agreed that decisions of the College with regard to the purchase or sale of securities belonging to the College will be the responsibility of this committee. Actions by the President and the Treasurer in the purchase and sale of securities will be based on decisions of this group, with the additional provision that the Investment Committee will report its decisions concerning the buying and selling of securities to the Executive Committee of the Board of Trustees and will have the concurrence of the Executive Committee of the Board of Trustees before these decisions are finalized. It was provided that this consultation with the members of the Executive Committee could be by telephone. c ) Guidelines To Be Followed The following guidelines are to be adhered to by the Investment 7 Committee in carrying out its responsibilities under this proposal: 1) The Investment Committee will determine the manner in which it wishes to have the College's securities purchased and sold. 2) The Investment Committee will determine the best means for the retention and servicing of those securities held by the College. 3) The Investment Committee will determine if it wishes to retain the services of an investment adviser, an investment advisory service, or brokerage house. 4) Securities transactions will not be made through or with a brokerage firm with which a member of the Investment Com- mittee has a financial interest, and care will be taken by the Committee to avoid any other possible conflict of interest situation. 5) The Chairman of the Board of Trustees will serve as the Chair- man of the Investment Committee. 6) The Investment Committee will maintain a written, permanent record of its investment decisions with regard to the purchase or sale of securities, and the Treasurer of the College will serve as the secretary and recorder for this purpose. 110