(1) The board is a quasi-judicial board as defined in 2-15-124 , MCA, consisting of nine members appointed by the governor, pursuant to 2-15-1808 , MCA. The members consist of one member from the public employees' retirement board provided for in 2-15-1009 , MCA, one member from the teachers' retirement board provided in 2-15-1010 , MCA, and seven members who provide a balance of professional expertise, public interest and public accountability, and who are informed and experienced in the subject of investment and who are representative of the financial community, agriculture, and labor.

(2) The board is allocated to the department of commerce for administrative purposes pursuant to 2-15-121 , MCA. The board has authority to employ an investment officer and an executive director who have general responsibility for selection and management of the board's staff and for direct investment and economic development activities. The chief investment officer, executive director and six professional staff are exempt from the state classification system pursuant to 2-18-103 , MCA, and serve at the pleasure of the board. The board prescribes the duties and annual salaries of staff positions exempt from the state classification system. A chart of the organization of the department can be found in ARM 8.1.101, and the board hereby adopts and incorporates the chart by reference into its organizational rule.

(3) Inquiries regarding the board may be addressed to the Montana Board of Investments, PO Box 200216, Helena, Montana 59620-0126.