Florida Senate - 2011                        COMMITTEE AMENDMENT
       Bill No. SB 1182
       
       
       
       
       
       
                                Barcode 656642                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: WD            .                                
                  04/26/2011           .                                
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       The Committee on Budget (Richter) recommended the following:
       
    1         Senate Amendment to Amendment (849726) (with title
    2  amendment)
    3  
    4         Delete lines 5 - 208
    5  and insert:
    6  
    7         Section 1. Section 215.444, Florida Statutes, is amended to
    8  read:
    9         215.444 Investment Advisory Council.—
   10         (1) There is created a six-member Investment Advisory
   11  Council to review the investments made by the staff of the Board
   12  of Administration and to make recommendations to the board
   13  regarding investment policy, strategy, and procedures. Beginning
   14  February 1, 2011, the membership of the council shall be
   15  expanded to nine members. Beginning July 1, 2011, council
   16  membership shall be reduced by not refilling council positions
   17  as the terms of the members expire until council membership
   18  consists of six members. The council shall meet with staff of
   19  the board at least once each quarter and shall provide a
   20  quarterly report directly to the Board of Trustees of the State
   21  Board of Administration at a meeting of the board.
   22         (2) The members of the council shall be appointed by the
   23  board as a resource to the Board of Trustees of the State Board
   24  of Administration and shall be subject to confirmation by the
   25  Senate. These individuals shall possess special knowledge,
   26  experience, and familiarity with portfolio management,
   27  institutional investments, and fiduciary responsibilities.
   28  Members shall be appointed for 4-year terms. A vacancy shall be
   29  filled for the remainder of the unexpired term. The council
   30  shall annually elect a chair and a vice chair from its
   31  membership. A member may not be elected to consecutive terms as
   32  chair or vice chair.
   33         (3) The council members must undergo regular fiduciary
   34  training as required by the board and must complete an annual
   35  conflict disclosure statement. In carrying out their duties,
   36  council members must make recommendations consistent with the
   37  fiduciary standards applicable to the board.
   38         (4) The council may create subcommittees as necessary to
   39  carry out its duties and responsibilities.
   40  
   41  ================= T I T L E  A M E N D M E N T ================
   42         And the title is amended as follows:
   43         Delete lines 214 - 249
   44  and insert:
   45         amending s. 215.444, F.S.; reducing the number of
   46         members on the Investment Advisory Council; amending
   47         s. 215.4755, F.S.; correcting