Current through Register Vol. 46, No. 12, March 20, 2024
(a) Function. The Real Estate Advisory
Committee shall advise the Retirement Board on such real estate investment
matters as may be presented to the committee by the system.
(b) Membership.
(1) The committee shall be comprised of not
less than six members. A committee member's term of office shall be three years
and terms shall be staggered to provide stability and continuity. Appointments
shall be made by the Retirement Board. Should a member of the committee resign
or otherwise be unable to serve, the vacancy shall be filled by the Retirement
Board for the remainder of the member's term. The committee chair shall be
designated by the system's executive director.
(2) Members of the committee shall be
individuals with extensive experience in real estate investment.
(c) Duties. In addition to any
duties prescribed by the Retirement Board by resolution, the committee shall
provide recommendation to the Retirement Board on traditional conventional
mortgages and property specific equity investments as to whether the system
should proceed with the investment. On nonproperty specific real estate
investments, where the system's executive director determines in his discretion
a reference to the committee is appropriate, the committee shall provide a
recommendation on a conceptual basis.
(d) Meetings.
(1) The system's executive director, or
his/her designee, shall prepare the agenda of each meeting of the committee.
The committee shall act only upon the affirmative vote of a majority of the
committee members in attendance or who have provided their telephone vote
confirmed by mail, facsimile, or other electronic means acceptable to the
system, or four members, whichever is greater.
(2) Meetings shall be held at such times as
may be determined by the system's executive director, or his/her designee.
Minutes shall be prepared and distributed to the participants.
(3) Members of the committee shall be paid a
fee established by the Retirement Board, together with actual necessary
expenses incurred for attending committee meetings.
(4) In addition to any other procedure for
the conduct of meetings of the committee as may be adopted by the Retirement
Board by resolution, the committee may act by means of conference telephone or
other communications equipment allowing all persons participating in the
meeting to hear one another at the same time.
(5) Anything in the foregoing
notwithstanding, the committee may act by unanimous vote of its members made by
mail, facsimile or other electronic means acceptable to the system in such
matters as the executive director, or his/ her designee, in his/her sole
discretion may determine.
(e) Conflicts of interest. A committee member
shall not participate in any decision or recommendation involving the
performance of any action where the performance or nonperformance of such
action would provide the member or a related person a pecuniary or material
benefit which is different from that which would be provided to a broad class
of persons, or in circumstances where the exercise of independent judgment by
the member would be restricted or compromised or the member otherwise had a
material conflict of interest.
