Governance

Governance

Governance of the West Virginia Investment Management Board is vested, by statute, in a thirteen-member Board of Trustees. Three members of the Board serve by virtue of their office: the Governor, the Auditor, and the 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. Only six of the ten appointed Trustees may be from the same political party. The Governor serves as Chairman of the Board. A Vice-Chairman is elected by the Trustees. A Secretary, who need not be a member of the Board, is also elected by the Trustees to keep a record of the proceedings of the Board.
 

A member of each defined benefit retirement plan is designated by the Consolidated Public Retirement Board to represent the Participant Plans’ interests. Likewise, the West Virginia Insurance Commission designates a representative for the Pneumoconiosis Fund and the Workers’ Compensation Old Fund. Each of the representatives may designate up to three persons to comprise a committee representing their respective plan’s beneficiaries. The representatives and committee members do not have a vote but have the right to be heard at the annual meetings of the Board and are subject to the same code of conduct and requirements of confidentiality that apply to the Trustees.
 

The day-to-day management of the WVIMB 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.

The staff of the WVIMB is divided into two principal divisions –Investments and Operations.


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