Trustees alter mission statement

The Investment Committee of Pitt’s Board of Trustees approved a number of resolutions at a…The Investment Committee of Pitt’s Board of Trustees approved a number of resolutions at a public meeting on Monday at Posvar Hall, but it didn’t discuss in detail Pitt’s actual investments.

The committee serves to oversee, guide and review the consolidated investment pool of Pitt’s Endowment Fund, which grew 25 percent — from $2.03 billion to $2.53 billion dollars — in 2011. The Endowment is mostly dispersed in the form of scholarships, fellowships, faculty chairs, instruction and other important University programs. About 30 members of the committee were in attendance at the meeting.

Amy Marsh, treasurer and chief investment officer of the committee, brought up the new revisions and additions to the endowment fund.

Included in the approvals were a revised mission statement, a statement of governance, investment objectives, and policies for the Endowment.

The revised mission statement says that the committee would assist the chief investment officer and treasurer in investment policies and objectives applicable to the Endowment.

The committee issued the statement of governance, investment objectives, and policies to make investment goals and objectives clear and to create a framework for monitoring investment performance and evaluating investment results.

The Board approved the new resolutions unanimously, allowing the Investment Committee to adopt the new policies immediately.