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<br />______________________________________________________________________________ <br /> <br />Page 1 of 2 <br /> <br /> <br /> <br /> <br />COMMISSION POLICY <br /> <br />Section: Category: <br />Governance Delegation to Management Policies <br />Policy Reference: Policy Title: <br />G.4l Protection of Assets <br /> <br />PURPOSE: <br /> <br />With this policy, the Commission sets forth its expectations for the General Manager concerning <br />the protection of ERMU’s assets. <br /> <br />POLICY: <br /> <br />The General Manager shall not allow ERMU’s assets to be unprotected, inappropriately used or <br />disposed of, inadequately maintained, or placed at undue risk. <br /> <br />Consistent with this general statement, the General Manager shall: <br /> <br />1. Maintain comprehensive security program, property insurance program and loss prevention <br />program which adequately protect ERMU from significant damage or loss to its corporate <br />assets including, but not limited to, physical assets, real property, rights-of-way, corporate <br />image or credibility, intellectual property, and information. <br /> <br />2. Not allow any investment of ERMU funds that violates State of Minnesota law, any <br />provision of ERMU’s bond indentures (as adopted and amended), or the provisions of any <br />present or future Commission-approved investment policy (See Investments Policy). <br /> <br />3. Implement and maintain management policies and procedures that establish effective and <br />sufficient controls with appropriate checks and balances, including separation of duties, <br />which are regularly tested for adequacy and compliance. Functions that require such <br />management policies and procedures include, but are not limited to designation of banking <br />signatories and transactions, cash management, accounting, and procurement of goods and <br />services. <br /> <br />4. Maintain a comprehensive physical asset inspection and proactive maintenance program <br />consistent with accepted utility industry practice. <br /> <br />178