Smaller often moves faster

Every extra person adds time to each meeting and each decision. The committees I have watched move well tend to include only the people who actually need to vote, plus the staff who run the portfolio.

Dartmouth's FY2025 endowment report lists an 11-person investment committee that meets four times a year, including the president and one other member ex officio. That is a published example of a large institution's structure. Smaller schools often run five to seven.

Use an odd number

This is a small thing that matters. An odd number of voting members avoids ties. Even if the CIO or the board makes the final call on big items, many smaller votes happen in committee. An odd number keeps those moving.

Who should be in the room

In the book, one experienced family office CIO laid out a membership list I still like. Adapted for endowments, it looks like this:

• The CIO or the outsourced CIO lead
• The chief financial or business officer
• Trustees with real investment experience
• One or two independent outside members, ideally from institutional investing

That last point matters. Outside members from pension funds, foundations or large investment offices bring a wider view than people who only know one portfolio.

Who can sit out

Not every trustee with an interest needs a vote. Interested trustees can attend some meetings, read the minutes or get a briefing. That keeps the committee lean without shutting people out.

A question for your board

If you cut the committee to the five people whose votes actually change outcomes, who would they be?