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1: Organize

1.1: The Investment Steward requires agreements with service providers to be in writing and consistent with fiduciary standards of care.
1.2: Investments and investment services under the oversight of the Investment Steward are consistent with applicable governing documents.
1.3: The roles and responsibilities of all involved parties (fiduciaries and non-fiduciaries) are defined and documented.
1.4: The Investment Steward identifies conflicts of interest and addresses conflicts in a manner consistent with the duty of loyalty.
1.5: The Investment Steward requires agreements with service providers to be in writing and consistent with fiduciary standards of care.
1.6: Portfolio assets are protected from theft and embezzlement.

2: Formalize

2.1: An investment time horizon has been identified for each investment portfolio.
2.2: An appropriate risk level has been identified for the portfolio.
2.3: An expected return to meet each investment objective for the portfolio has been identified.
2.4: Selected asset classes are consistent with the portfolio’s time horizon and risk and return objectives.
2.5: Selected asset classes are consistent with implementation and monitoring constraints.
2.6: The investment policy statement contains sufficient detail to define, implement, and monitor the portfolio’s investment strategy.
2.7: When socially responsible investment strategies are elected, the strategies are structured appropriately.

3: Implement

3.1: A reasonable due diligence process is followed to select each service provider in a manner consistent with obligations of care.
3.2: When statutory or regulatory investment safe harbors are elected, each investment strategy is implemented in compliance with the applicable provisions.
3.3: Decisions regarding investment strategies and types of investments are documented and made in accordance with fiduciary obligations of care.

4: Monitor

4.1: Periodic reports are used to compare investment performance against appropriate index, peer group, and investment policy statement objectives.
4.2: Periodic reviews are made of qualitative and/or organizational changes of Investment Advisors, Investment Managers, and other service providers.
4.3: Control procedures are in place to periodically review policies for trading practices and proxy voting.
4.4: Periodic reviews are conducted to ensure that investment-related fees, compensation, and expenses are fair and reasonable for the services provided.
4.5: There is a process to periodically review the Investment Steward’s effectiveness in meeting his or her fiduciary responsibilities.