25.156 Powers and duties of members of the board.
(1) The members of the board shall be the governing body of the board and shall promulgate rules and formulate policies considered necessary and appropriate to carry out its functions.
(2) The board shall employ an executive director, who shall serve outside the classified service. The executive director shall be qualified by training and prior experience to manage, administer and direct the investment of funds. The board shall fix the compensation of the executive director and may award bonus compensation.
(2m) The board shall employ an internal auditor, who shall serve outside the classified service. The board shall fix the compensation of the internal auditor.
(3) The members of the board shall appoint an investment director or deputy executive director, internal auditor, chief investment officer, chief financial officer, chief legal counsel, or chief risk officer to act as assistant director, except that until the appointment is made by the members of the board, the executive director may temporarily designate the assistant director.
(4) The members of the board shall promulgate rules restricting the executive director, deputy executive director, internal auditor, chief investment officer, chief financial officer, chief legal counsel, chief risk officer, investment directors, and employees from having financial interest, directly or indirectly, in firms or corporations providing services to the department and governing the receipt of gifts or favors therefrom, and also governing personal investments of all employees including the executive director, deputy executive director, internal auditor, chief investment officer, chief financial officer, chief legal counsel, chief risk officer, and investment directors to prevent conflicts of interest.
(5) The members of the board shall be the trustees of the state investment fund.
(8) The board shall keep full minutes of its proceedings.
(9) The chairperson of the board shall appear at least annually before any committee established in the senate, whose jurisdiction includes financial institutions, if that committee so requests.
History: 1979 c. 110; 1985 a. 332 s. 251 (1), (6); 1987 a. 399; 1991 a. 39; 1995 a. 274; 1997 a. 27, 35; 1999 a. 9, 83, 186; 2021 a. 177.
The board lacks authority to place one of its members or employees on the board of directors of a private corporation. 75 Atty. Gen. 213.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 25 - Trust funds and their management.
25.14 - State investment fund.
25.15 - Board; purpose and standard of responsibility.
25.156 - Powers and duties of members of the board.
25.167 - Chief investment officer.
25.17 - Powers and duties of board.
25.18 - Additional powers of board.
25.182 - Management authority for certain funds.
25.183 - Certain investments prohibited.
25.184 - Confidentiality of venture capital investment information.
25.186 - Broker-dealers located in this state.
25.187 - Operating expenditures.
25.19 - Treasurer; bond; deposit of securities; cash management.
25.293 - Natural resources land endowment fund.
25.295 - Heritage state parks and forests trust fund.
25.297 - Wisconsin outdoor wildlife heritage trust fund.
25.30 - State building trust fund.
25.315 - Wholesale drug distributor bonding fund.
25.35 - State capitol restoration fund.
25.37 - Wisconsin veterans homes members fund.
25.38 - Military family relief fund.
25.405 - Transportation infrastructure loan fund.
25.41 - State housing authority reserve fund.
25.425 - Election administration fund.
25.43 - Environmental improvement fund.
25.45 - Waste management fund.
25.463 - Agricultural producer security fund.
25.465 - Agrichemical management fund.
25.468 - Agricultural chemical cleanup fund.
25.469 - Nuclear waste escrow fund.
25.47 - Petroleum inspection fund.
25.48 - Dry cleaner environmental response fund.
25.49 - Economic development fund.
25.50 - Local government pooled-investment fund.
25.55 - Land information fund.
25.60 - Budget stabilization fund.
25.62 - Property tax relief fund.
25.65 - County mining investment fund.
25.67 - Children's trust fund.
25.68 - Support collections trust fund.
25.69 - Permanent endowment fund.
25.70 - Historical society trust fund.
25.72 - Historical legacy trust fund.
25.73 - Historical society endowment fund.
25.74 - History preservation partnership trust fund.
25.77 - Medical assistance trust fund.
25.772 - Hospital assessment fund.
25.774 - Critical access hospital assessment fund.
25.776 - Ambulance service provider trust fund.
25.78 - Artistic endowment fund.
25.85 - College savings program trust fund.
25.853 - College savings program bank deposit trust fund.
25.855 - College savings program credit union deposit trust fund.
25.95 - Universal service fund.
25.96 - Utility public benefits fund.