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public understanding of and respect for the law, and encourage collegiality
among its members.

Purpose – The Investment Policy Statement (IPS) will assist the Board of
Governors (Board) and the Budget Committee (Committee) in communicating
with and monitoring the various Investment Manager(s) (Manager) that will be
engaged to manage the assets of the Association.

Responsibilities

Of the Association – The Association recognizes its responsibility to ensure that
the assets of the Association are managed:
 For the exclusive interest of the Association and its members; and
 Effectively and prudently, in full compliance with the laws and principles
governing professional and trade associations.

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;

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