Your investment policy statement (IPS) should have clear procedures for monitoring, evaluating and changing your investment advisors. It’s a key part of fiduciary responsibility. Investment advisors include outside investment consultants, an outsourced chief investment officer (OCIO), and/or investment managers.
Any contracts regarding investment services should clearly define the roles and responsibilities of all parties (i.e., the investment advisor, the board and any internal staff.)
Foundations should institute regular reviews of their investment providers and put their contracts out for rebidding every 3–5 years. This establishes best practices and ensures costs and services remain in step with the market.