Board of Directors

The Board of Representatives (collectively the primary Representative appointed by each of the Participant), pursuant to authority contained in Section 3.1(c)(i) of the Intergovernmental Agreement, has created a Board of Directors.  Subject to any provision of the Intergovernmental Agreement to the contrary, the Board of Directors shall have the authority to take any action that may be taken by the Board of Representatives, including the administration of the affairs of the joint investment program.  The Board of Directors consists of ten members each serving staggered three-year terms.  The Board meets regularly with the Administrator to review the safety of the investments, to establish program goals and objectives, and to supervise the Program and its affairs.  The Board of Directors acts as the liaison between the Board of Representatives and the Program Administrator.