FL S1668

Reduces the Investment Advisory Council from six members to five members, with three appointed by the Governor, one by the Chief Financial Officer, and one by the Attorney General, serving 4-year terms.

Requires the Investment Advisory Council to initiate a total compensation study at least every 5 years by a private consulting firm to evaluate competitive salary ranges for Board positions based on comparable public-sector peer investment entities.

Removes the requirement that the Governor must vote in favor of the executive director's selection and establishes a search committee of at least three Investment Advisory Council members to recommend qualified applicants to the Board.

Expands Investment Advisory Council member qualifications to require possession of knowledge in portfolio management, institutional investments, and fiduciary responsibilities, with prior experience overseeing at least $1 billion in assets.

Grants Investment Advisory Council members the status of state officers, employees, or agents for purposes of sovereign immunity under s. 768.28, and authorizes the council to direct the executive director to contract with independent compensation consultants.