Website Main Menu

Board Committees

The nine board members of the Montana Board of Investments also oversee three committees: the Audit Committee, the Human Resource Committee and the Loan Committee.

The following description for each committee, and list of those members which sit on that committee and a copy of the Committee Charter is available as follows:

Audit Committee

Purpose of the Audit Committee - To assist the Board in fulfilling its oversight responsibilities for the financial reporting process, the system of internal control, the audit process, and the Board’s process for monitoring compliance with laws and regulations and its code of ethical conduct.
Jim Turcotte, Chairman - Audit Committee
John Paull, Member
Elouise Cobell, Member
Maureen Fleming, Member
 
Human Resource Committee

Purpose of Committee - The purpose of the Human Resources Committee is to discharge the Board’s responsibilities relating to personnel matters of all Board staff and compensation of the Board’s exempt staff.
Terry Cohea, Chairperson - Human Resource Committee
Maureen Fleming, Member
Jack Prothero, Member
Karl Englund, Member
 
Loan Committee

Delegated Authority - This Charter delegates authority to Board staff and the Loan Committee as follows:
• Board staff may approve federally-guaranteed loans of any size without concurrence of the Loan Committee.
• Board staff may approve all Coal Tax Trust and INTERCAP loans up to $1.0 million without concurrence of the Loan Committee, provided that the underwriting for such loans complies with all provisions of the relevant loan policies approved by the Board.
• Board staff may authorize enhancement of up to $1.0 million in Montana Facility Finance Authority Act (MFFA) bonds, without concurrence of the Loan Committee.
• Board staff may approve all Coal Tax Trust and INTERCAP loans greater than $1.0 million and up to $5.0 million only with concurrence of the Loan Committee.
• Board staff may authorize enhancement of MFFA bonds greater than $1.0 million and up to $5.0 million, only with concurrence of the Loan Committee.  Enhancement of MFFA bonds greater than $5.0 million shall be reviewed by the Loan Committee and recommended to the full Board for final approval.
• All non federally-guaranteed Coal Tax Trust and INTERCAP loans in excess of $5.0 million shall be reviewed and approved by the Loan Committee and recommended to the full Board for final approval.
Jack Prothero, Chairperson - Loan Committee
Elouise Cobell, Member
Jim Turcotte, Member
Jon Satre, Member