Page 193 - 2024 Orientation Manual

Of the Board – The Association acknowledges that the ultimate responsibility
for investment rests with its Board of Governors. Its responsibilities are:
 Development and adoption of sound and consistent investment policy;
 Development of sound and consistent investment policy statement;
 Establishment of appropriate investment objectives;
 Allocation of Association’s assets; and
 Monitoring and evaluating investment performance.

Of the Investment Subcommittee of the Budget Committee – The
Subcommittee is charged with oversight of the management of the
Association’s funds, including ensuring adherence to the investment policy
established by the Board of Governors. This shall be accomplished by:
 Independent monthly review of investment performance based on
statements provided by investment management firm and LSBA staff;
 At least quarterly subcommittee meetings to review investment
performance and compare to established benchmarks;
 Annual review of LSBA Investment Policy, including asset allocation
model, with recommendation to Board of Governors as to whether to retain
or amend policy;
 Reports on investment performance at each meeting of Board of Governors;
and
 Ongoing interface with investment management firm retained by Board of
Governors, including at least annual face-to-face meetings to review
investment performance.

Of the Investment/Portfolio Manager – The Association vests the following
responsibilities with the Investment/Portfolio Manager:
 Management of Association assets in accordance with the Investment
Policy Statement;
 Exercising complete investment discretion over the assets, which shall be
allocated in accordance with this Investment Policy Statement;
 Investment of Association’s assets with care, skill, prudence and diligence;
 Expedite sale of any security purchased outside of guidelines; and/or
expedite purchase of any security which by downgrading falls below these
guidelines. Board or Governors or its designee shall give manager
discretion to sell at any time within a 30-day period of notification. If a
disposed security is a result of an original purchase outside of the guidelines,
account shall be made whole by the Manager. Whole is defined as original
book value of investment plus daily interest until date of disposition;
 Voting of all proxies of securities held, as delegated by Board or its
designee;
 Keeping Board and/or its designee informed on all material matters
pertaining to the investment policies and management of the Association’s
assets; and

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