The Board

Created by the Montana legislature in 1972, the Board functions as an independent, quasi-judicial board with full and final authority over its three missions as prescribed by law: the Unified Investment Program, the Coal Tax Trust In-State Loan Program, and the Municipal Bond Program.  Members serve with two paramount concepts in mind – Fiduciary Responsibility and Prudent Expert Principle.

The Board is comprised of nine voting members appointed by the Governor and provide a balance of professional expertise and public interest representing: 

  • Montana law
  • Public Employees' Retirement Board 
  • Teachers' Retirement Board 
  • Financial Community
  • Small Business
  • Agriculture
  • Labor
  • Two ex officio, nonvoting legislative liaisons 
    • One Senator appointed by the President of the Senate
    • One Representative appointed by the Speaker of the House
    • the liaisons may not be from the same political party 
Laws and Constitution