(1) Any function identified in this chapter may be delegated to staff of the investment board by the members of the board.
(2) The investment board shall, for each fund under its management and control, determine (within statutory constraints) the purpose or purposes of each fund, establish requirements to be met in the management of the funds, review investment plans, receive reports of investment transactions, review investment performance and evaluate performance results.
(3) The investment board shall determine the appropriate risk and return standards acceptable for each fund using criteria that are generally accepted by similar institutions having similar responsibilities and similar objectives.
(4) Investments shall be made only within the authorized investment criteria for the fund for which proposed.
(5) In addition to sub. (4), it shall be determined whether the investment is a prudent investment under s. 25.15, Stats., or other applicable standards, unless the statutes governing the fund specifically state that the investment board is relieved of any obligation of prudent investing or may invest a part of the fund in the specific type of investment.
(6) Within the constraints of authorized investments, investments shall be diversified so that large exposure to unpredictable events is minimized.
(7) The investment board shall attempt to invest in organizations which adhere to prevailing local and national laws and generally accepted standards of conduct in their affairs. The board recognizes that in many countries customs, laws and their enforcement may vary from the basic human rights concepts and freedoms prevailing in the United States. The board believes, however, that an organization, in whatever country it does business, can have a positive influence in support of basic human rights through its conduct in dealing with employees, clients and governments. Therefore, the investment board will seek investments in organizations which respect basic human rights and will encourage managements to respect basic human rights of their employees and clientele in any country, because such conduct is conducive to long run success.
(8) The investment board encourages investment proposals from Wisconsin-based companies or proposals which will broaden the Wisconsin economy or provide opportunities for employment by Wisconsin citizens. The proposals shall conform to board policies and staff procedures and practices. Risk and rate of return objectives shall be the same as other proposals.
(9) The investment board will not approve for investment any proposal which would effect a special advantage, gain or rate of return to a sub-group of beneficiaries at the expense of a part or the entire beneficiary group.
(10) The investment board will not approve for investment any proposal which makes or proposes to make any concession to any person or group of persons or which does not offer a competitive rate of return based upon perceived risk compared with other similar investments or proposed investments.