Regulations for Committees Reporting Directly to Council or one of its Main Committees

23.1. The Investment Committee shall consist of:

(1) the Vice-Chancellor;

(2) at least five external persons appointed by Council, all of whom shall bring recent and relevant expertise of investment management to the working of the committee, and one of whom shall be appointed by Council to serve as chairman of the committee;

(3) at least two other members appointed by Council who shall have recent and relevant expertise of investment management.

23.2. All members of the committee shall serve for five years and shall be re-eligible for reappointment.

23.3. The committee shall be responsible for the strategic oversight and supervision of all funds invested by, or for the benefit of, the University (including any funds placed with the University by external bodies), except:

(1) those investments which Council determines to be the responsibility of the Finance Committee or other bodies; and

(2) those held by Societies or the Press.

23.4. In particular, the committee shall be responsible for:

(1) defining investment objectives for the investments covered by 23.3 above;

(2) setting, and monitoring performance against, guidelines and will benchmark in order to meet those objectives;

(3) the effective management and control of investment risks;

(4) recruiting, supporting and appraising the Chief Investment Officer and monitoring his or her performance;

(5) reporting to Council.