A. Members of the council appointed pursuant to Paragraphs (6) and (7) of Subsection A of Section 6-8-2 NMSA 1978, with the advice and consent of the senate, shall serve for staggered terms of five years. Members of the council shall serve until their successors are appointed and have qualified.

B. The members of the council appointed pursuant to Paragraphs (6) and (7) of Subsection A of Section 6-8-2 NMSA 1978 shall be qualified by competence and no less than ten years' experience in the field of investment management, investment risk management, corporate governance, investment accounting or finance. A member of the council shall not have had any contracts to do business with the council, the investment office, the office of the state treasurer, the educational retirement board, the public employees retirement association, the New Mexico finance authority or the state board of finance for a period of two calendar years prior to the person's appointment to the council and shall not enter into any contracts to do business with any of the named state agencies or instrumentalities for a period of two calendar years after the end of the term for which the member was appointed. Members of the council and officers and employees of the council shall be governed by the provisions of the Governmental Conduct Act [Chapter 10, Article 16 NMSA 1978]. Nothing in this section or in the Governmental Conduct Act shall be construed as prohibiting an officer of a financial institution from participating as a member of the council in setting general policies of the council, nor shall any provision of the Governmental Conduct Act prohibit the council or the state treasurer from depositing funds under the jurisdiction of the council in any financial institution. A council member shall not hold an office or employment in a political party.

C. The member appointed pursuant to Paragraph (5) of Subsection A of Section 6-8-2 NMSA 1978 shall serve at the pleasure of the governor. A member of the council appointed pursuant to Paragraphs (6) and (7) of Subsection A of Section 6-8-2 NMSA 1978 may be removed from the council by the appointing person or entity, for failure to attend three consecutive meetings or other cause, in the manner provided for removal of members of boards of regents under Article 12, Section 13 of the constitution of New Mexico. A vacancy in the membership of the council occurring other than by expiration of term shall be filled in the same manner as the original appointment but for the unexpired term only.

History: 1953 Comp., § 11-2-8.6, enacted by Laws 1957, ch. 179, § 3; 1981, ch. 264, § 2; 1983, ch. 306, § 3; 2010, ch. 14, § 2; 2015, ch. 95, § 2.

The 2015 amendment, effective June 19, 2015, expanded the qualification requirements for members of the state investment council; and in Subsection B, after "field of investment", added "management, investment risk management, corporate governance, investment accounting", and after "business with the", deleted "state investment".

The 2010 amendment, effective March 1, 2010, in Subsection A, in the first sentence, after "council appointed", deleted "by the governor" and added "pursuant to Paragraphs (6) and (7) of Subsection A of Section 6-8-2 NMSA 1978"; in Subsection B, in the first sentence, after "appointed pursuant to", added "Paragraphs (6) and (7) of"; after "Subsection", changed "E" to "A"; and after "qualified by competence and", added "no less than ten years"; deleted the former second sentence, which provided that during tenure, council members could not engage in any capacity in the sale of securities to the state; added the second sentence; in the third and fourth sentences, changed the statutory reference from "the Conflict of Interest Act" to "the Governmental Conduct Act"; in Subsection C, added the first sentence; in the second sentence, after "appointed pursuant to", added "Paragraphs (6) and (7) of" and after "Subsection", changed "E or G" to "A"; and changed "removed from the council by the governor for cause" to "removed from the council by the appointing person or entity, for failure to attend three consecutive meetings or other cause".