25.156 Annotation The board lacks authority to place one of its members or employees on the board of directors of a private corporation. 75 Atty. Gen. 213.
25.16 25.16 Executive director.
25.16(1)(1) The executive and administrative functions of the board, except for the functions performed by the internal auditor under s. 25.165 (2), shall be vested in an executive director, who shall perform the functions of executive director in conformity with the requirements of the members of the board and in accordance with policies, principles and directives determined by the members of the board.
25.16(2) (2) Subject to authorization under s. 16.505, the executive director may appoint a chief legal counsel, chief financial officer, chief risk officer and not more than 11 investment directors and shall appoint a chief investment officer and all other employees necessary to carry out the functions of the board, except that the board shall appoint the internal auditor and shall participate in the selection of the chief investment officer and investment directors and the internal auditor shall appoint his or her staff. The executive director shall appoint all employees outside the classified service, except blue collar and clerical employees. Neither the executive director, the internal auditor, the chief investment officer, the chief legal counsel, the chief financial officer, the chief risk officer, any investment director nor any other employee of the board shall have any financial interest, either directly or indirectly, in any firm engaged in the sale or marketing of real estate or investments of any kind, nor shall any of them render investment advice to others for remuneration.
25.16(3) (3) The executive director may appoint an executive assistant. The executive assistant shall perform the duties prescribed by the executive director.
25.16(4) (4) The executive director shall take the official oath and the executive director, chief investment officer and each investment director shall file a bond for the faithful performance of that person's duties in such amount and with such sureties as the members of the board require.
25.16(5) (5) The assistant director shall act in place of the executive director in his or her absence or disability. The assistant director shall take and file the official oath required of the executive director.
25.16(6) (6) All deeds, contracts and other documents which must be executed by or on behalf of the board shall be signed by the executive director. The executive director may delegate the authority to execute documents to other board employees. Where the board has an interest in property, the authority to execute leases as lessor may be delegated within leasing guidelines to outside managers retained pursuant to a written contract. The members of the board or the executive director may require the countersignature of an investment director or an investment supervisor on certain documents.
25.16(7) (7) The executive director shall fix the compensation of all employees appointed by the executive director, subject to restrictions set forth in the compensation plan under s. 230.12 or any applicable collective bargaining agreement in the case of employees in the classified service but the board may provide for bonus compensation to employees in the unclassified service.
25.16 Cross-reference Cross Reference: See also s. IB 1.07, Wis. adm. code.
25.165 25.165 Internal auditor.
25.165(1)(1) There is created in the board an internal audit subunit, under the supervision of the internal auditor. The internal auditor shall report directly to the board and, subject to authorization under s. 16.505, shall appoint all employees necessary to carry out the duties of the internal auditor. The internal auditor shall appoint all employees outside the classified service, except blue collar and clerical employees. The internal auditor shall fix the compensation of all employees appointed by the internal auditor, subject to restrictions set forth in the compensation plan under s. 230.12 or any applicable collective bargaining agreement in the case of employees in the classified service but the board may provide for bonus compensation to employees in the unclassified service.
25.165(2) (2) The internal auditor may review any activity, information or investment of the board and have access to records of the board and any external party under contract with the board and shall do all of the following:
25.165(2)(a) (a) Plan and conduct audit activities, risk assessments, research projects and management reviews under the direction of the board and in accordance with policies, principles and directives determined by the board.
25.165(2)(b) (b) Coordinate and assist with external audits and reviews of the board.
25.165(2)(c) (c) Monitor for compliance with applicable legal requirements and with the board's contractual agreements any bank, savings and loan association, savings bank or credit union with which the board has entered into a custodial agreement under s. 25.17 (11); any investment advisers with which the board has contracted to manage and control board assets under s. 25.18 (2) (e); and any other external parties with which the board has contracted to provide investment services to the board.
25.165 History History: 1995 a. 274; 1999 a. 9, 83, 186.
25.167 25.167 Chief investment officer. Under the supervision of the executive director, the chief investment officer shall do all of the following:
25.167(1) (1) Monitor activities of the investment directors for compliance with the board's investment policies and guidelines in investment decisions and approve unusual transactions, as defined by the board.
25.167(2) (2) Develop and implement operating procedures that are intended to ensure that the investment policies and guidelines of the board are followed.
25.167(3) (3) Ensure that investments are completely and accurately reported on all management and financial reports and that any information requested by the board is provided to the board on a timely basis.
25.167 History History: 1995 a. 274.
25.17 25.17 Powers and duties of board. The "State of Wisconsin Investment Board" shall be a body corporate with power to sue and be sued in said name. The board shall have a seal with the words, "State of Wisconsin Investment Board". Subject to s. 25.183, the board shall:
25.17(1) (1) Have exclusive control of the investment and collection of the principal and interest of all moneys loaned or invested from any of the following funds:
25.17(1)(ad) (ad) Agrichemical management fund (s. 25.465);
25.17(1)(af) (af) Agricultural chemical cleanup fund (s. 25.468);
25.17(1)(ag) (ag) Agricultural producer security fund (s. 25.463);
25.17(1)(ai) (ai) Air quality improvement fund (s. 25.97);
25.17(1)(ak) (ak) Artistic endowment fund (s. 25.78);
25.17(1)(am) (am) Benevolent fund (s. 25.31);
25.17(1)(an) (an) Bond security and redemption fund (s. 18.09);
25.17(1)(ap) (ap) Budget stabilization fund (s. 25.60);
25.17(1)(ar) (ar) Capital improvement fund (s. 18.08);
25.17(1)(av) (av) Children's trust fund (s. 25.67);
25.17(1)(ax) (ax) College savings program trust fund (s. 25.85), but subject to s. 25.17 (2) (f);
25.17(1)(b) (b) Conservation fund (s. 25.29);
25.17(1)(c) (c) County mining investment fund (s. 25.65);
25.17(1)(d) (d) Dry cleaner environmental response fund (s. 25.48);
25.17(1)(en) (en) Environmental fund (s. 25.46);
25.17(1)(fm) (fm) Fixed retirement investment trust (s. 40.04 (3));
25.17(1)(g) (g) General fund (s. 25.20);
25.17(1)(gf) (gf) Health insurance risk-sharing plan fund (s. 25.55);
25.17(1)(gi) (gi) Heritage state parks and forests trust fund (s. 25.295);
25.17(1)(gm) (gm) Historical legacy trust fund (s. 25.72);
25.17(1)(gn) (gn) Historical society endowment fund (s. 25.73);
25.17(1)(gp) (gp) Historical society trust fund (s. 25.70);
25.17(1)(hm) (hm) Industrial building construction loan fund (s. 560.10);
25.17(1)(i) (i) VendorNet fund (s. 25.61);
25.17(1)(j) (j) Insurance security fund (s. 646.21 (2));
25.17(1)(jc) (jc) Investment and local impact fund (s. 70.395 (2) (b));
25.17(1)(jg) (jg) Local government pooled-investment fund (s. 25.50);
25.17(1)(jm) (jm) Local government property insurance fund (ch. 605);
25.17(1)(jr) (jr) Lottery fund (s. 25.75);
25.17(1)(jv) (jv) Medical assistance trust fund (s. 25.77);
25.17(1)(k) (k) Nuclear waste escrow fund (s. 25.469);
25.17(1)(ka) (ka) Natural resources land endowment fund (s. 25.293);
25.17(1)(kp) (kp) Patients compensation fund (s. 655.27);
25.17(1)(kr) (kr) Permanent endowment fund (s. 25.69);
25.17(1)(ks) (ks) Petroleum inspection fund (s. 25.47);
25.17(1)(kw) (kw) Property tax relief fund (s. 25.62);
25.17(1)(L) (L) Public employee trust fund (s. 40.01);
25.17(1)(nm) (nm) Recycling fund (s. 25.49);
25.17(1)(o) (o) School fund income (s. 24.77);
25.17(1)(p) (p) Self-insured employers liability fund (s. 102.28 (8));
25.17(1)(pg) (pg) State building trust fund (s. 25.30), except for the purpose and extent of loans to the Wisconsin State Public Building Corporation, the Wisconsin University Building Corporation, and the Wisconsin State Colleges Building Corporation, which are subject to sub. (2) (b);
25.17(1)(q) (q) State capitol restoration fund (s. 25.35);
25.17(1)(r) (r) State housing authority reserve fund (s. 25.41);
25.17(1)(t) (t) State life insurance fund (ch. 607);
25.17(1)(tc) (tc) Tobacco control fund (s. 25.66);
25.17(1)(tm) (tm) Support collections trust fund (s. 25.68);
25.17(1)(v) (v) Transportation fund (s. 25.40);
25.17(1)(vm) (vm) Tuition trust fund (s. 25.80).
25.17(1)(x) (x) Unemployment administration fund (s. 108.20 (1));
25.17(1)(xg) (xg) Uninsured employers fund (s. 102.80);
25.17(1)(xL) (xL) Universal service fund (s. 25.95);
25.17(1)(xm) (xm) Utility public benefits fund (s. 25.96);
25.17(1)(xn) (xn) Variable retirement investment trust (s. 40.04 (3));
25.17(1)(xp) (xp) Veterans mortgage loan repayment fund (s. 45.79 (7));
25.17(1)(xs) (xs) Veterans trust fund (s. 25.36), except loans to veterans;
25.17(1)(ym) (ym) Waste management fund (s. 25.45);
25.17(1)(ys) (ys) Wisconsin election campaign fund (s. 25.42);
25.17(1)(yt) (yt) Wisconsin outdoor wildlife heritage trust fund (s. 25.297).
25.17(1)(yv) (yv) Wisconsin Veterans Home at King and veterans facilities members fund (s. 25.37);
25.17(1)(z) (z) Work injury supplemental benefit fund (s. 102.65);
25.17(1)(zm) (zm) All other funds of the state or of any state department or institution, except funds which under article X of the constitution are controlled and invested by the board of commissioners of public lands, funds which are required by specific provision of law to be controlled and invested by any other authority, and moneys in the University of Wisconsin trust funds, and in the trust funds of the state universities.
25.17(2) (2)
25.17(2)(a)(a) Invest any of the funds specified in sub. (1), except operating funds, the capital improvement fund and the bond security and redemption fund, in loans to the Wisconsin University Building Corporation, the Wisconsin State Colleges Building Corporation or the Wisconsin State Public Building Corporation, but only if the loans are secured by mortgages upon property owned by the respective corporations producing sufficient income to retire the mortgage over the term of the loan or are secured by the pledge of rentals sufficient in amount to retire the indebtedness. The board shall make no loans to any building corporation described in this subsection except under the conditions prescribed in this paragraph, or except as otherwise provided in par. (b). These loans shall be made only when in the judgment of the board it is to the interest of the funds to do so, except that loans made under par. (b) shall be made at the direction of the building commission.
25.17(2)(b) (b) Invest the state building trust fund in loans to the Wisconsin State Public Building Corporation, to the Wisconsin University Building Corporation, and to the Wisconsin State Colleges Building Corporation. Except for interim loans for construction, or other temporary financing for the purchase of lands, planning, including both engineering and financing, and all other expenses incidental to any of the foregoing, loans under this paragraph shall be secured by a pledge and assignment of net revenues derived from the operation of buildings by the borrowing corporation on lands leased or conveyed to the corporation. Any loan under this paragraph shall be made upon the direction of the building commission.
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This is an archival version of the Wis. Stats. database for 2001. See Are the Statutes on this Website Official?