In providing Consulting Services to the Board, and for all major asset classes, the consultant will: Assist and guide the Board on “big-picture” investment policy and structure issues. This includes insights and recommendations regarding asset class mixes and potential changes to the Investment Policy Statement (IPS). Conduct a comprehensive review and analysis of investment objectives, policies, asset allocation, and portfolio structure, inclusive of defining an investable portfolio, and recommend changes, if appropriate, within nine (9) months of the effective date of the Contract. The Board reserves the right to engage other consultants to review any recommended changes, including asset allocation. Conduct an annual review of the IPS, including the structure and diversification of the portfolio and including an analysis of investment pacing based on cash-flow and current commitments, and provide assistance in drafting any necessary revisions. Recommend enhancements to PMRS’ board governance processes as it relates to investments.