University of Washington Policy Directory

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*Formerly part of the University Handbook
Board of Regents Governance

Standing Orders

Chapter 4




Advisory Committees of the Board of Regents



Advisory committees may be established by the Board of Regents on the recommendation of the Governance Committee of the Board to provide the University with expert advice on such subjects as the Board may specify, in accordance with Article IV, Section 5 of the Board's Bylaws.

Members of all Board-created advisory committees serve at the pleasure of the Board and include appointments made by the Board for specified periods of time according to the organizational documents approved or authorized by the Board.

1.  University of Washington Investment Committee (UWINCO)

  A. Establishment of the Committee

The Board of Regents of the University of Washington is vested by statute with responsibility for the management of the properties of the University, including its investment programs. The Board has established an Advisory Committee called the University of Washington Investment Committee (UWINCO) and adopted the following Statement of Principles.

  B. Statement of Principles

    1) Membership and Terms

UWINCO shall consist of no more than ten members to be appointed by the Board, plus the President of the University who shall serve ex-officio. These appointments shall be based on recommendations submitted by the Governance Committee of the Board after consultation with the Chair of UWINCO and the President of the University (or his or her designee).

One or two UWINCO members shall be selected from the Board. The remaining UWINCO members shall be experienced investment professionals of varying backgrounds with close ties to the University. Criteria for non-regent membership on UWINCO shall include investment expertise in such areas as private equity, hedge funds, international markets, real estate and institutional investing; access to desirable managers; strategic focus; and commitment to the University of Washington.

Regent and non-regent members will be asked to make a minimum commitment of three consecutive years, renewable by the Board.

    2) Functions

UWINCO shall advise the Board (and/or its appropriate committee) and the University President (and/or his or her designee) on matters relating to the management of the University’s investment program. This includes, but is not limited to, the following: overall asset allocation, performance goals, new investment strategies, strategy implementation, manager identification, due diligence, and valuation policy.

    3) Meetings

Regular meetings of UWINCO shall be held quarterly. Special meetings may be called by the Chair of UWINCO, the University President (or his or her designee) at any time.

    4) Indemnification and Compensation

The University shall indemnify UWINCO members to the fullest extent permitted by law, the Standing Orders, and Regent Policies of the Board. UWINCO members shall not be paid for service as committee members.

    5) Conflict of Interest

Regent members of UWINCO are governed by conflict of interest rules applicable to regents. Non-regent members shall comply with the following conflict of interest provisions:

      a) When a UWINCO member knows that the University is considering a transaction in which he or she has a beneficial interest, the member shall (1) alert the Senior Vice President for Finance and Facilities, hereafter Senior Vice President (or successor official) of his or her potential beneficial interest, and (2) not participate in the formulation or rendering of advice with respect to the transaction.

      b) Committee members shall not participate in the formulation or rendering of UWINCO advice where their participation could be influenced by financial or other considerations that would conflict or could reasonably appear to conflict with their UWINCO obligations to only consider the best interest of the University. Where a member is uncertain about the application of this rule to particular circumstances, he or she should consult the Chair of UWINCO and the Senior Vice President who may seek the advice of the Attorney General's Office as appropriate.

      c) Committee members may engage in investment transactions with the University if the Chair of UWINCO and the Senior Vice President (who may consult with the Attorney General's Office as he or she deems appropriate) determine that the UWINCO member has not participated in the formulation or rendering of UWINCO advice to the University regarding the transaction.

    6) Chair and Vice Chair; Administrative Support

The Chair and Vice Chair of UWINCO shall be recommended by the Governance Committee and approved by the Board. During the absence of the Chair or while he or she is unable to act, the Vice Chair shall perform the duties and exercise the powers of the Chair. The Senior Vice President shall ensure that UWINCO has appropriate administrative support services, including secretarial assistance and record keeping.

    7) Communication

The Chair of the committee and/or the Chief Investment Officer shall provide quarterly reports on the performance of the University's investment program to the Board (and/or its designated committee).

    8) Amendments

This Statement of Principles shall be reviewed annually and updated as needed. Amendments, additions, deletions or replacements, may be recommended by UWINCO. Such changes shall be subject to the approval of the President of the University and the Board.

2.  University of Washington Advisory Committee on Real Estate (ACRE)

  A. Establishment of the Committee

The Board of Regents of the University of Washington is vested by statute with responsibility for the management of the real properties of the University, including its Metropolitan Tract located in downtown Seattle. The Board has established an Advisory Committee on Real Estate (ACRE) and adopted the following Statement of Principles.

  B. Statement of Principles

    1) Membership and Terms

ACRE shall consist of no more than eight members to be appointed by the Board, plus the President of the University who shall serve ex officio. These appointments shall be based on recommendations submitted by the Governance Committee of the Board after consultation with the Chair of ACRE and the President of the University (or his or her designee).

One or two of the appointed members shall be selected from the Board. The remaining appointed members shall be experienced professionals of varying backgrounds.

There shall be a three-year term limitation for regent and non-regent members of ACRE, renewable by the Board. Members will be asked to make a minimum commitment of three consecutive years, and shall serve at the pleasure of the Board.

    2) Functions

ACRE shall advise the Board (and/or its appropriate committee) and the University President (and/or his or her designee) on matters relating to the management of the Universityís commercial income producing properties and other significant real estate investments.

    3) Meetings

ACRE shall establish a regular meeting schedule. Other meetings may be called by the Chair of ACRE at any time. The Chair of ACRE may invite experts who are not members of ACRE to attend specific meetings to provide additional guidance, advice, and information.

    4) Indemnification and Compensation

The University shall indemnify members of ACRE to the fullest extent permitted by law, the Standing Orders, and Regent Policies of the Board. ACRE members will not be paid for service on the committee.

    5) Conflict of Interest

Regental members of ACRE are governed by conflict of interest rules applicable to regents. Non-regent members shall comply with the following conflict of interest provisions:

      a) When a member of ACRE knows that the University is considering a transaction in which he or she has or may have a beneficial interest, the member shall (1) alert the Senior Vice President (or successor official) of the University of his or her potential beneficial interest and (2) not participate in the formulation or rendering of advice with respect to the transaction.

      b) Committee members shall not participate in the formulation or rendering of advice by ACRE where their participation could be influenced by financial or other considerations that would conflict or could reasonably appear to conflict with their obligations to only consider the best interest of the University. Where a member is uncertain about the application of this rule to particular circumstances, he or she should consult the Chair of ACRE and the Senior Vice President, who may seek the advice of the Attorney General's Office as appropriate.

      c) Committee members may engage in transactions with the University if the Chair of ACRE and the Senior Vice President (who may consult with the Attorney Generalís Office as he or she deems appropriate) determine that the member has not participated in the formulation or rendering of advice by ACRE to the University regarding the transaction.

    6) Chair and Vice Chair; Administrative Support

The Chair and Vice Chair of ACRE shall be recommended by the Governance Committee and approved by the Board.  During the absence of the Chair or while he or she is unable to act, the Vice Chair shall perform the duties and exercise the powers of the Chair. The Senior Vice President shall ensure that ACRE has appropriate administrative support services, including secretarial assistance and record keeping.

    7) Communication

The Chair of ACRE and/or the Chief Real Estate Officer shall provide quarterly reports to the Board (and/or its designated committee).

    8) Amendments

This Statement of Principles shall be reviewed annually and updated as needed. Amendments, additions, deletions or replacements may be recommended by ACRE. Such changes shall be subject to the approval of the President of the University and the Board.

3.  Audit Advisory Committee

  A. Establishment of the Committee

The Board of Regents of the University of Washington is vested by statute with responsibility for the governance of the University. The Board hereby establishes an Audit Advisory Committee, with the following Statement of Principles.

  B. Statement of Principles

    1) Membership and Terms

The Audit Advisory Committee shall consist of no more than eight members to be appointed by the Board. The Chair, Vice Chair, and members shall be recommended by the Governance Committee and approved by the Board after consultation with the President of the University and his or her designee(s).

One or two of the appointed members shall be selected from the Board. The remaining appointed members shall be experienced professionals of varying backgrounds.

There shall be a three-year term limitation for regent and non-regent members, renewable by the Board. Members will be asked to make a minimum commitment of three consecutive years, and shall serve at the pleasure of the Board.

    2) Functions

The Audit Advisory Committee shall advise the Board or its appropriate standing committee and the University President, or his or her designee, on matters relating to the University's financial practices and standards of conduct. The committee is responsible for reviewing and advising on any external and internal financial audits, policies and practices for compliance with legal and regulatory requirements, and internal controls. The committee may, through its Chair or a majority vote of its members, ask management to address specific issues within the responsibilities of the committee.

    3) Meetings

The Audit Advisory Committee shall establish a regular meeting schedule. Other meetings may be called by the Chair of the Audit Advisory Committee at any time. The Chair of the Audit Advisory Committee may invite experts who are not members of the Audit Advisory Committee to attend specific meetings to provide additional guidance, advice, and information.

    4) Indemnification and Compensation

The University shall indemnify members of the Audit Advisory Committee to the fullest extent permitted by law, the Standing Orders, and Regent Policies of the Board. Audit Advisory Committee members will not be paid for service on the committee.

    5) Conflict of Interest

Regental members of the Audit Advisory Committee are governed by conflict of interest rules applicable to regents. Non-regent members shall comply with the following conflict of interest provisions:

      a) When a member of the Audit Advisory Committee knows that the University is considering a transaction in which he or she has or may have a beneficial interest, the member shall (1) alert the Chair of the Audit Advisory Committee of his or her potential beneficial interest, and (2) not participate in the formulation or rendering of advice with respect to the transaction.

      b) Committee members shall not participate in the formulation or rendering of advice by the Audit Advisory Committee where their participation could be influenced by financial or other considerations that would conflict or could reasonably appear to conflict with their obligations to only consider the best interest of the University. Where a member is uncertain about the application of this rule to particular circumstances, he or she should consult the Chair of the Audit Advisory Committee, who may seek the advice of the Attorney General's Office as appropriate.

      c) Committee members may engage in transactions with the University if the Chair of the Audit Advisory Committee and the University President (who may consult with the Attorney General's Office as he or she deems appropriate) determine that the member has not participated in the formulation or rendering of advice by the Audit Advisory Committee to the University regarding the transaction.

    6) Chair and Vice Chair; Administrative Support

The Chair and Vice Chair of the Audit Advisory Committee shall be recommended by the Governance Committee and approved by the Board. During the absence of the Chair or while he or she is unable to act, the Vice Chair shall perform the duties and exercise the powers of the Chair. The University President shall ensure that the Audit Advisory Committee has appropriate administrative support services, including secretarial assistance and record keeping.

    7) Communication

The Chair of the Audit Advisory Committee shall provide quarterly reports to the Board or its designated standing committee.

    8) Amendments

Amendments to this Statement of Principles shall be subject to the approval of the Board.

4.  Governmental Affairs Advisory Committee

  A. Establishment of the Committee

The Board of Regents of the University of Washington is vested by statute with responsibility for the governance of the University. The Board hereby establishes a Governmental Affairs Advisory Committee, with the following Statement of Principles.

  B. Statement of Principles

    1) Membership and Terms

The Governmental Affairs Advisory Committee shall consist of no more than eight members to be appointed by the Board. The Chair, Vice Chair, and members shall be recommended by the Governance Committee and approved by the Board after consultation with the President of the University and his or her designee(s).

One or two of the appointed members shall be selected from the Board. The remaining appointed members shall be experienced professionals with relevant backgrounds.

There shall be a three-year term limitation for regent and non-regent members, renewable by the Board. Members will be asked to make a minimum commitment of three consecutive years, and shall serve at the pleasure of the Board.

    2) Functions

The Governmental Affairs Advisory Committee shall advise the Board or its appropriate standing committee and the University President, or his or her designee, on matters relating to the University's relationship to federal, state, and local governments and agencies.

    3) Meetings

The Governmental Affairs Advisory Committee shall establish a regular meeting schedule. Other meetings may be called by the Chair of the Governmental Affairs Advisory Committee at any time. The Chair may invite experts who are not members of the Governmental Affairs Advisory Committee to attend specific meetings to provide additional guidance, advice, and information.

    4) Indemnification and Compensation

The University shall indemnify members of the Governmental Affairs Advisory Committee to the fullest extent permitted by law, the Standing Orders, and Regent Policies of the Board. Governmental Affairs Advisory Committee members will not be paid for service on the committee.

    5) Conflict of Interest

Regental members of the Governmental Affairs Advisory Committee are governed by conflict of interest rules applicable to regents. Non-regent members shall comply with the following conflict of interest provisions:

      a) When a member of the Governmental Affairs Advisory Committee knows that the University is considering a transaction in which he or she has or may have a beneficial interest, the member shall (1) alert the Chair of the Governmental Affairs Advisory Committee of his or her potential beneficial interest, and (2) not participate in the formulation or rendering of advice with respect to the transaction.

      b) Committee members shall not participate in the formulation or rendering of advice by the Governmental Affairs Advisory Committee where their participation could be influenced by financial or other considerations that would conflict or could reasonably appear to conflict with their obligations to only consider the best interest of the University. Where a member is uncertain about the application of this rule to particular circumstances, he or she should consult the Chair of the Governmental Affairs Advisory Committee, who may seek the advice of the Attorney General's Office as appropriate.

      c) Committee members may engage in transactions with the University if the Chair of the Governmental Affairs Advisory Committee and the University President (who may consult with the Attorney General's Office as he or she deems appropriate) determine that the member has not participated in the formulation or rendering of advice by the Governmental Affairs Advisory Committee to the University regarding the transaction.

    6) Chair and Vice Chair; Administrative Support

The Chair and Vice Chair of the Governmental Affairs Advisory Committee shall be recommended by the Governance Committee and approved by the Board. During the absence of the Chair or while he or she is unable to act, the Vice Chair shall perform the duties and exercise the powers of the Chair. The University President shall ensure that the Governmental Affairs Advisory Committee has appropriate administrative support services, including secretarial assistance and record keeping.

    7) Communication

The Chair of the Governmental Affairs Advisory Committee shall provide quarterly reports to the Board or its designated standing committee.

    8) Amendments

Amendments to this Statement of Principles shall be subject to the approval of the Board.

BR, January 21, 1977; October 1989; June 9, 1995; September 17, 1999; January 21, 2000; July 12, 2012; November 14, 2013 [Effective January 1, 2014]


For related information, see:

  • Board of Regents Governance, Standing Orders, Chapter 7, "Policy Governing Approval of Investments"
  • Board of Regents Governance, Regent Policy No. 6, "Facilities and Spaces Naming Policy"