A Board's Key Responsibilities
- Establish the foundation's investment policy and develop the IPS—The full board, an investment committee of the board, or an investment consultant working with the board/committee could take on this responsibility.
- Manage the foundation's investments—The board, an investment committee of the board, foundation staff, or outside managers could be involved.
- Oversee the implementation of the investment policy—The full board, an investment committee of the board, or an investment consultant working with the board/committee might handle this task.
There is no hard and fast rule about who should handle the above tasks, but there is wisdom in understanding what each task entails before making those decisions.
Foundations will also benefit from making these decisions early on in the process. This is especially true if the foundation plans on hiring an investment consultant, as a consultant can assist with every stage of the investment process.
Creating a Strategy and Plan for Your Foundation’s Investing
Getting It Done: The Who and How of Small Foundation Investing
Prudent Investment Practices, sharing four practices that can enable all board members to fulfill their fiduciary duties in the area of investments (Updated by Glenmede)
Investment Responsibilities and Opportunities, a general overview of why fiduciaries should play active roles in foundation investing
Lessons Learned From the 2008-2009 Global Financial Crisis
Who Has Fiduciary Duty?
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