25.156(7)
(7) If the board awards bonus compensation under
sub. (6) to an employe who, because of the employe's retirement, disability or death, terminates employment with the board less than 3 years after the date on which the bonus compensation is awarded, the board shall distribute any remaining bonus compensation payable to the employe upon termination of the employe if any of the following applies:
25.156(7)(a)
(a) If the employe's termination is because of the employe's retirement or disability, the employe receives a retirement benefit under
s. 40.23 or
40.25 (1) or disability benefit under
s. 40.63 and the benefit received by the employe has an effective date not later than 31 days after the date on which the employe terminated employment with the board.
25.156(7)(b)
(b) If the employe's termination is because of the employe's death, the employe's beneficiary receives a death benefit under
s. 40.71 or
40.73.
25.156(8)
(8) The investment board shall keep full minutes of its proceedings.
25.156(9)
(9) The chairperson of the investment board shall appear at least annually before any committee established in the senate, whose jurisdiction includes financial institutions, if that committee so requests.
25.156 Annotation
Board lacks authority to place one of its members or employes on board of directors of private corporation.
75 Atty. Gen. 213 (1986).
25.16
25.16
Executive director. 25.16(1)(1) The executive and administrative functions of the investment 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 one division administrator and investment directors and shall appoint a chief investment officer and all other employes necessary to carry out the functions of the investment board, except that the investment 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 employes outside the classified service, except blue collar and clerical employes. Neither the executive director, the internal auditor, the chief investment officer, any investment director nor any other employe 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 employes. 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 employes 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 employes in the classified service, but the investment board may provide for bonus compensation to employes in the unclassified service as authorized under
s. 25.156 (6).
25.165
25.165
Internal auditor. 25.165(1)(1) There is created in the investment 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 employes necessary to carry out the duties of the internal auditor. The internal auditor shall appoint all employes outside the classified service, except blue collar and clerical employes. The internal auditor shall fix the compensation of all employes 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 employes in the classified service, but the investment board may provide for bonus compensation to employes in the unclassified service as authorized under
s. 25.156 (6).
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.
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)(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); and
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)(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, state colleges building corporation or the Wisconsin state public building corporation, but only if such 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 investment board shall make no loans to any building corporation described in this subsection except under the conditions herein prescribed, or except as otherwise provided in
par. (b). These loans shall be made only when in the judgment of the investment 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, such loans shall be secured by a pledge and assignment of net revenues derived from the operation of buildings by said corporations on lands leased or conveyed to said corporations. Any such loan shall be made upon the direction of the building commission.
25.17(2)(c)
(c) Invest the state housing authority reserve fund as directed by the Wisconsin housing and economic development authority in housing rehabilitation loan program bonds of the authority including subordinated bonds which may also be special obligations of the authority. In making such investment, the board shall accept such terms and conditions as the authority specifies and is relieved of any obligations relative to prudent investment of the fund, including those set forth under
ch. 881.
25.17(2)(d)
(d) Invest the clean water fund, and collect the principal and interest of all moneys loaned or invested from the clean water fund, as directed by the department of administration under
s. 281.59 (2m). In making such investment, the investment board shall accept any reasonable terms and conditions that the department of administration specifies and is relieved of any obligations relevant to prudent investment of the fund, including those set forth under
ch. 881.
25.17(3)(a)(a) Invest the fixed retirement investment trust, state life fund, veterans trust fund and patients compensation fund in loans, securities and any other investments authorized by
s. 620.22, and in bonds or other evidences of indebtedness or preferred stock of companies engaged in the finance business whether as direct lenders or as holding companies owning subsidiaries engaged in the finance business. Investments permitted by
sub. (4) are permitted investments under this subsection.
25.17(3)(b)
(b) Invest any of the funds over which it has investment authority, including but not limited to the state investment fund and surplus funds of the state building trust fund not invested under
sub. (2) (b) and not in the state investment fund, in:
25.17(3)(b)1.
1. Direct obligations maturing within 10 years or less from the date of settlement, of the United States or its agencies, corporations wholly owned by the United States, the international bank for reconstruction and development, the international finance corporation, the inter-American development bank, the African development bank, the Asian development bank, the federal national mortgage association or any corporation chartered by an act of congress.
25.17(3)(b)2.
2. Securities maturing within 10 years or less from the date of settlement, guaranteed by the United States or, where the full faith and credit of the United States is pledged or, where securities are collateralized by government-insured investments or, where the securities are issued by a corporation created by act of congress and regulated by such act.
25.17(3)(b)3.
3. Unsecured notes of financial and industrial issuers maturing within 5 years or less from the date of settlement and having one of the 2 highest ratings given by a nationally recognized rating service, but if the corporation issuing such notes has any long-term senior debt issues outstanding which also have been rated, the rating must be one of the 3 highest ratings so given.
25.17(3)(b)4.
4. Certificates of deposit issued by banks located in the United States and by savings and loan associations, savings banks and credit unions located in this state.
25.17(3)(b)5.
5. Bankers acceptances accepted by banks located in the United States.
