Finance & Investment Committee - Resolution

1. MEMBERSHIP

The membership of this Committee shall consist of the following:

A maximum of nine members, with the majority being external members of the Board of Governors, one of whom is also a member of the Audit & Risk Committee.

The Chair shall be chosen from among the external members. All members are expected to have major financial expertise and experience.

2. MEETINGS

The Committee will normally meet at least two times a year, more often as necessary.

3. TERMS OF REFERENCE

To exercise general oversight over the financial affairs of the University.

To review the general framework within which UW's annual operating budget is developed.

To monitor general operating results relative to established budgets.

To review, at least annually, UW’s debt and debt retirement plan.

To review and recommend to the Board, directly or indirectly though the Pension & Benefits Committee, all UW investment policies and guidelines, including rebalancing strategies.

To monitor the performance of all external fund managers, to recommend their appointment to the Board, as required*, and to take actions as may be deemed appropriate.

To report on its activities, at least annually, to the Board of Governors.

To assess annually the adequacy of the Committee's terms of reference as well as those of the Pension & Benefits Committee, in consultation with the Chair of the Pension & Benefits Committee, and to propose any needed amendments to the Governance Committee.

*The Finance & Investment Committee recommends the appointment of all fund managers except those appointments made to the Board through the Pension & Benefits Committee. When the Pension & Benefits Committee is selecting a fund manager, the Chairs of the Finance & Investment Committee and of the Pension & Benefits Committee consult and reach agreement on the selection process of the fund manager as well as the extent to which the Finance & Investment Committee will act as a resource to the Pension & Benefits Committee.

**The Board of Governors on 30 October 2018 approved the delegation of specific powers and responsibilities of the Finance & Investment Committee to the Pension Investment Committee for the latter to be established as the operational locus of control for matter pertaining to the management of investment assets of the pension plan, as follows: (1) to review annually the Statement of Investment Policies and Procedures, with input from the Finance & Investment Committee; (2) to review and recommend the selection/termination of investment managers to the Pension & Benefits Committee for further recommendation to the Board of Governors; (3) to review and report on investment manager performance at least annually to the Finance & Investment committee and the Pension & Benefits Committee; (4) to approve asset mix changes and investment decisions within the list of approved investment managers where the cumulative transaction(s) represent less than 15% of the pension plans total assets at the beginning og he calendar year, with reporting to the Finance & Investment Committee and the Pension & Benefits Committee as appropriate.

Approved by the Board of Governors, February 4, 2003.
Amended by the Board of Governors, June 6, 2006 and April 1, 2008.
Amended by the Board of Governors, October 26, 2010. 
Amended by the Board of Governors, October 30 2018.