Virginia Code Title 23.1. Institutions of Higher Education;  Other Educational and Cultural Institutions § 23.1-702. Advisory committees to the board; membership; terms; qualifications; duties

1. Members of the Investment Advisory Committee shall demonstrate extensive experience in any one or more of the following areas: domestic or international equity or fixed-income securities, cash management, alternative investments, institutional real estate investments, or managed futures.

2. The Investment Advisory Committee shall (i) review, evaluate, and monitor investments and investment opportunities; (ii) make appropriate recommendations to the board about such investments and investment opportunities; (iii) make appropriate recommendations to the board about overall asset allocation; and (iv) perform such other duties as the board may delegate to the Investment Advisory Committee.

1. Members of the Audit and Actuarial Committee shall demonstrate an understanding of generally accepted accounting principles, generally accepted auditing standards, enterprise risk management principles, and financial statements, and evidence an ability to assess the general application of such principles to the Plan's activities. The members should have experience in preparing, auditing, analyzing, or evaluating financial statements of the same complexity as those of the Plan, and an understanding of internal controls and procedures for financial reporting.

2. In order to establish and maintain its effectiveness and independence, the following individuals shall not be members of the Audit and Actuarial Committee: (i) current Plan employees; (ii) individuals who have been employees of the Plan in any of the prior three fiscal years; and (iii) immediate family members of an individual currently employed as an officer of the Plan or who has been employed in such a capacity within the past three fiscal years.

3. The Audit and Actuarial Committee shall (i) review, examine, and monitor the Plan's accounting and financial reporting processes and systems of internal controls; (ii) review and examine financial statements and financial disclosures and discuss any findings with the Plan's senior management; (iii) make appropriate recommendations and reports to the board; (iv) monitor the Plan's external audit function by (a) participating in the retention, review, and discharge of independent auditors; (b) discussing the Plan's financial statements and accounting policies with independent auditors; and (c) reviewing the independence of independent auditors; and (v) perform such other duties as the board may delegate to the Audit and Actuarial Committee.