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Governance of
the West Virginia Investment Management Board is vested, by statute,
in a 13-member Board of Trustees. Three members of the Board
serve by virtue of their office, the Governor, the State Auditor,
and the State Treasurer. The other ten are appointed by the
Governor and confirmed by the Senate. All appointees must have
experience in pension management, institutional management or financial
markets. In addition, one must be an attorney experienced in
finance and investment matters and another must be a Certified Public
Accountant. The Governor serves as Chairman of the Board.
A Vice-Chairman is elected by the Trustees. A Secretary is also
elected by the Trustees to keep a record of the proceedings of the
Board, but need not be a member of the Board.
The day-to-day management of the West Virginia Investment Management Board is delegated to the Executive Director, who is appointed by the Board and serves at its will and pleasure. The
Executive Director acts as an advisor to the Board on all matters pertaining to its business and, with the approval of the Board, contracts for professional services and employs the remaining staff needed to operate.
The staff of the Board is divided into two principal divisions—Operations and Investments (see
Organization Chart).
The Operations Division is focused on providing efficient
and effective back office support, a necessity for the organization
to function on a day-to-day basis. It also plays a major role
in monitoring the investment program. The Investment Division
is structured to allow it to focus on investment issues only, continually
researching, analyzing the Board's investment portfolio, other options
and new investment ideas. The two divisions work with the
Executive Director as a team to maintain a state-of-the-art investment
program.
Each
defined benefit retirement plan participating in the Consolidated
Pension Fund has an individual representative designated by the
Consolidated Public Retirement Board who has a seat at the Board's
table. Likewise, the Pneumoconiosis Fund and Workers' Compensation
Fund each have an individual representative designated by the West
Virginia Workers' Compensation Commission. Each of the representatives
may designate up to three persons to comprise a committee representing
the plans' beneficiaries who also have a seat at the table.
The representatives and committee members do not have a vote, but
have the right to be heard and share the same code of conduct and
requirements of confidentiality that apply to the trustees.
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