SB402-SSA1,2,612 13.94 (1) (df) Annually, perform a financial audit of the investment board,
13including an assessment of the fair presentation of the financial statements and an
14evaluation of accounting controls and accounting records the internal control

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1structure of the board. As part of the financial audit, the bureau shall identify
2certain statutes and policies and guidelines adopted by the board and shall
3determine the extent of compliance by the board with the statutes, policies and
4guidelines. Biennially, the bureau shall conduct a performance evaluation audit of
5the investment board that includes an audit of the board's policies and management
6practices.

SB402-SSA1,2,98 13.94 (1s) (c) 3. The investment board for the cost of the any audit required to
9be performed under sub. (1) (df).

SB402-SSA1,2,1411 15.07 (2) (a) The chairperson and vice chairperson of the investment board
12shall be designated elected biennially by the governor from among the members
13appointed under s. 15.76 (2) who have had at least 10 years' experience in making
14investments.

SB402-SSA1,2,1716 15.07 (2) (k) The secretary of administration may not serve as chairperson of
17the investment board.

SB402-SSA1,2,22 1915.76 Investment board; creation. (intro.) There is created a state of
20Wisconsin investment board, to be known for statutory purposes as the investment
21board. The investment board shall consist of 8 members, as follows the following
22members:

SB402-SSA1,3,524 15.76 (1r) One member appointed for a 6-year term, who is a representative
25of a local government that participates in the local government pooled-investment

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1fund under s. 25.50. The member shall be employed by the local government in a
2finance position and have had at least 10 years of financial experience, but may not
3be an elected official. If the member appointed under this subsection loses the status
4upon which the appointment was based, he or she shall cease to be a member of the
5investment board.

SB402-SSA1,3,97 19.42 (10) (L) The executive director, executive assistant to the executive
8director, internal auditor, chief investment officer and investment directors of the
9investment board.

SB402-SSA1,3,12 10(13) (k) The executive director, executive assistant to the executive director,
11internal auditor, chief investment officer and investment directors of the investment
12board.

SB402-SSA1,3,1614 25.156 (2m) The investment board shall employe an internal auditor, who shall
15serve outside the classified service. The board shall fix the compensation of the
16internal auditor.

SB402-SSA1,3,2418 25.156 (4) The members of the board shall promulgate rules restricting the
19executive director, internal auditor, chief investment officer, investment directors
20and employes from having financial interest, directly or indirectly, in firms or
21corporations providing services to the department and governing the receipt of gifts
22or favors therefrom, and also governing personal investments of all employes
23including the executive director, internal auditor, chief investment officer and
24investment directors to prevent conflicts of interest.

SB402-SSA1,4,1

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125.156 (8) The investment board shall keep full minutes of its proceedings.

SB402-SSA1,4,83 25.16 (1) The executive and administrative functions of the investment board,
4except for the functions performed by the internal auditor under s. 25.165 (2), shall
5be vested in an executive director, who shall perform the functions of executive
6director in conformity with the requirements of the members of the board and in
7accordance with policies, principles and directives determined by the members of the
8board.

SB402-SSA1,4,2110 25.16 (2) The Subject to authorization under s. 16.505, the executive director
11may appoint one division administrator and investment directors and shall appoint
12a chief investment officer and all other employes necessary to carry out the functions
13of the investment board, except that the investment board shall appoint the internal
14auditor and shall participate in the selection of the chief investment officer and
15investment directors and the internal auditor shall appoint his or her staff. The
16executive director shall appoint all employes outside the classified service, except
17blue collar and clerical employes. Neither the executive director, the internal
18auditor, the chief investment officer, any investment director nor any other employe
19of the board shall have any financial interest, either directly or indirectly, in any firm
20engaged in the sale or marketing of real estate or investments of any kind, nor shall
21any of them render investment advice to others for remuneration.

SB402-SSA1,5,223 25.16 (4) The executive director shall take the official oath and the executive
24director, chief investment officer and each investment director shall file a bond for

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1the faithful performance of that person's duties in such amount and with such
2sureties as the members of the board require.

SB402-SSA1,5,14 425.165 Internal auditor. (1) There is created in the investment board an
5internal audit subunit, under the supervision of the internal auditor. The internal
6auditor shall report directly to the board and, subject to authorization under s.
716.505, shall appoint all employes necessary to carry out the duties of the internal
8auditor. The internal auditor shall appoint all employes outside the classified
9service, except blue collar and clerical employes. The internal auditor shall fix the
10compensation of all employes appointed by the internal auditor, subject to
11restrictions set forth in the compensation plan under s. 230.12 or any applicable
12collective bargaining agreement in the case of employes in the classified service, but
13the investment board may provide for bonus compensation to employes in the
14unclassified service as authorized under s. 25.156 (6).

SB402-SSA1,5,17 15(2) The internal auditor may review any activity, information or investment of
16the board and have access to records of the board and any external party under
17contract with the board and shall do all of the following:

SB402-SSA1,5,2018 (a) Plan and conduct audit activities, risk assessments, research projects and
19management reviews under the direction of the board and in accordance with
20policies, principles and directives determined by the board.

SB402-SSA1,5,2121 (b) Coordinate and assist with external audits and reviews of the board.

SB402-SSA1,6,222 (c) Monitor for compliance with applicable legal requirements and with the
23board's contractual agreements any bank, savings and loan association, savings
24bank or credit union with which the board has entered into a custodial agreement
25under s. 25.17 (11); any investment advisers with which the board has contracted to

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1manage and control board assets under s. 25.18 (2) (e); and any other external parties
2with which the board has contracted to provide investment services to the board.

SB402-SSA1,6,5 425.167 Chief investment officer. Under the supervision of the executive
5director, the chief investment officer shall do all of the following:

SB402-SSA1,6,8 6(1) Monitor activities of the investment directors for compliance with the
7board's investment policies and guidelines in investment decisions and approve
8unusual transactions, as defined by the board.

SB402-SSA1,6,10 9(2) Develop and implement operating procedures that are intended to ensure
10that the investment policies and guidelines of the board are followed.

SB402-SSA1,6,13 11(3) Ensure that investments are completely and accurately reported on all
12management and financial reports and that any information requested by the board
13is provided to the board on a timely basis.

SB402-SSA1,6,18 1525.17 Powers and duties of board. (intro.) The "State of Wisconsin
16Investment Board" shall be a body corporate with power to sue and be sued in said
17name. The board shall have a seal with the words, "State of Wisconsin Investment
18Board". The Subject to s. 25.183, the board shall:

SB402-SSA1,6,2520 25.17 (14g) Annually, on or before January 1, submit to the joint legislative
21audit committee, to the joint committee on finance and to the chief clerk of each
22house, for distribution to the appropriate standing committees under s. 13.172 (3),
23a report of the board's annual investment goals and long-term investment
24strategies. The report shall specify any change in the annual investment goals and
25long-term investment strategies from those in the previous year.

SB402-SSA1,7,52 25.17 (14m) Annually, on or before March 31, submit to the joint legislative
3audit committee, to the joint committee on finance and to the chief clerk of each
4house, for distribution to the appropriate standing committees under s. 13.172 (3),
5a report including all of the following: