The Audit Committee’s primary objectives include:

• Adopt and implement an Audit Charter for the BTI
• Provide oversight of the integrity of the financial statements
• Review the annual operating budget
• Ensure compliance with legal and regulatory requirements
• Oversee the performance of the internal audit function
• Assess the performance of the external auditors, provide recommendations to the Board to engage or dismiss them, and monitor their qualifications and independence

The Investment Committee’s primary objectives include:

• Evaluation, selection, and termination of the Investment Managers and Investment Consultant
• Regular review and revisions to the Investment Policy
• Investigate any reported investment problems or non-compliance
• Evaluation of investment results to ensure compliance with the Investment Policy and to determine success of investment activities
• Other investment related issues as necessary for the prudent and cost effective investment of the Consolidated Fund

The Personnel and Governance Committee’s primary objectives include:

• Recommending staffing levels for the BTI
• Assuring the professional qualifications, of the Board and Staff, are maintained by providing educational programs
• Keeping the Board informed of current best practices in corporate governance
• Developing, reviewing and updating governance practices of the Board
• Assisting the Board in evaluating governance principles and practices
• Overseeing management transition and succession planning
• Overseeing Board strategic planning