1.    The North Dakota state investment board consists of:

a.    The governor; b.    The state treasurer; c.    The commissioner of university and school lands; d.    The director of workforce safety and insurance; e.    The director of the office of management and budget; f.    Two members of the teachers’ fund for retirement board or the board’s designees who need not be members of the fund as selected by that board; g.    Two members of the public employees retirement system board as selected by that board; h.    Two members, each of whom by experience is familiar with institutional investments, appointed by the governor. One initial appointee shall serve a term of three years, one initial appointee shall serve a term of five years, and all subsequent appointees shall serve five-year terms; and

i.    Two members, one from the senate and one from the house of representatives, or the member’s designee, who serve on the legacy and budget stabilization fund advisory board, as selected by that board to represent that board.

2.    The director of workforce safety and insurance may appoint a designee, subject to approval by the workforce safety and insurance board of directors, to attend the meetings, participate, and vote when the director is unable to attend. The teachers’ fund for retirement board may appoint an alternate designee with full voting privileges to attend meetings of the state investment board when a selected member is unable to attend. The public employees retirement system board may appoint an alternate designee with full voting privileges from the public employees retirement system board to attend meetings of the state investment board when a selected member is unable to attend.

3.    The members of the state investment board, except elected and appointed officials and the director of workforce safety and insurance or the director’s designee, are entitled to receive as compensation one hundred forty-eight dollars per day and necessary mileage and travel expenses as provided in sections 44-08-04 and 54-06-09 for attending meetings of the state investment board.

4.    The state investment board may establish an advisory council composed of individuals who are experienced and knowledgeable in the field of investments. The state investment board shall determine the responsibilities of the advisory council. Members of the advisory council are entitled to receive the same compensation as provided the members of the advisory board of the Bank of North Dakota and necessary mileage and travel expenses as provided in sections 44-08-04 and 54-06-09.