FL S1530

Creates an audit committee chaired by the Chief Financial Officer with six members appointed by the Governor (2), Attorney General (2), and Chief Financial Officer (1) to oversee financial reporting, internal controls, risk assessment, audit processes, and compliance with laws and rules.

Requires the State Board of Administration to appoint an executive director with proven knowledge in institutional investment portfolios and extensive experience in at least two of eight specified investment areas (domestic/international equity, fixed-income securities, cash management, alternative investments, managed futures, or real estate investment trusts).

Expands the Investment Advisory Council from six to nine members, requiring representation from local governments, state employees' unions, teachers' unions, police unions, firefighters' unions, and Florida Retirement System beneficiaries; grants the council authority to approve all new investment products.

Establishes ethics requirements and disclosure obligations for investment advisers and managers, prohibiting Investment Advisory Council members or their affiliates from contracting with the board during their service and for one year thereafter.

Creates a participating investor council to advise the board regarding investment practices, internal controls, risk assessment, and audit processes for state trust funds; effective July 1, 2010.