Governance (Investment Committee) Rule 2010 No. 3

• Division 1 Introduction
• 1 Name of Rule
• 2 Commencement
• 3 Purpose
• 4 Authority
• 5 Glossary
• 6 Notes and Headings
• Division 2 Committee
• 7 Establishment of Committee
• 8 Terms of Reference
• 9 Membership
• 10 Meetings

Division 1 Introduction

1 Name of Rule

(1) This Rule is the Governance (Investment Committee) Rule 2010.

2 Commencement

(2) This Rule commences on 12 January 2011 [CNL10/134].

3 Purpose

(3) This Rule is enacted to establish an Investment Committee and to confer on that Committee certain functions of the Council under the Act.

4 Authority

(4) This Rule is made pursuant to authority granted to the University Council (Council) under clause 4 of Schedule 1 of the Act, section 20 and 32 of the Act.

(5) Notes:

5 Glossary

(6) In this Rule:

1. Act means - the Charles Sturt University Act 1989.
2. By-law - means the Charles Sturt University By-law 2005.
3. Committee - means the Investment Committee established under this Rule in accordance with clause 4 of Schedule 1 of the Act.
4. Committee of the Council - means a committee established under a Rule of the Council under section 4 of Schedule 1 of the Act.
5. Council - means the University Council established under section 8 of the Act.
6. external person - has the same meaning as set out in section 8A of the Act.
7. Secretary - means the University Secretary appointed under the By-law.

(7) Notes:

(8) Section 8A of the Act defines an external person as a person other than a member of the academic or general staff of the the University or an undergraduate or graduate student of the the University.

6 Notes and Headings

(9) The notes in the text of this Rule do not form part of this Rule.

(10) Headings do not form part of this Rule.

Division 2 Committee

7 Establishment of Committee

(11) There is an Investment Committee.

8 Terms of Reference

(12) The principal function of the Investment Committee is to act for and on behalf of the Council with respect to the investment activities of the the University including:

1. approve the investment policies of the the University;
2. approve the appointment of external investment professionals including Investment Funds Managers;
3. recommend to the Council the annual investment performance targets;
4. monitor the performance of the investment portfolio against the annual investment performance targets;
5. monitor the performance of Investment Funds Managers;
6. monitor investment risk;
7. provide advice to the Investment Management Committee and relevant officers of the the University with respect to the investment program, including, but not limited to, investment strategies, policies and procedures, investment performance and selection of external investment advisors;
8. approve the asset allocation policies to comply with asset allocation targets and ranges; and
9. approve the investment guidelines for the the University and Investment Fund Managers.

(13) In exercising the functions of the Council, the Investment Committee may:

1. require the attendance of any employee of the the University at a meeting of the Investment Committee's, and
2. require regular or ad hoc reports from the the University as determined by the Investment Committee from time to time.

(14) The Investment Committee has such other functions as may be necessary or convenient to enable it to exercise the functions specified in clauses 9 to 10.

9 Membership

(15) The Investment Committee shall comprise five members of the Council, the majority of whom shall be external members, appointed at a meeting of the Council for a term not exceeding two years. Members may be re-appointed at the end of a term.

(16) Where practicable, members of the Investment Committee must have relevant financial, commercial or investment skills and experience commensurate with the functions of the Investment Committee.

(17) The Council will appoint a member of the Council to act as chair of the Investment Committee. To the extent practicable, the chair should be a person with skills and experience at a senior level relevant to the functions of the Investment Committee.

(18) Where the Council is unable to appoint members from the Council under clause 13 with the relevant skills and experience, the Council may appoint up to two external independent persons to be members of the Investment Committee. A person appointed under this clause may not be appointed to act as chair of the Committee under clause 14.

(19) Despite clause 12, a person who is a member of the Audit and Risk Committee of the Council may not also be a member of the Investment Committee.

10 Meetings

(20) The Investment Committee shall normally meet bi-annually.

(21) The Investment Committee may meet at such other times in accordance with the Governance (Council Meetings) Rule 2007 No 2 .