The policy committee is comprised of five voting members, including a chairperson. The members shall be:
(a)
The State Treasurer, or his or her designee, who shall be the chairperson of the policy committee.
(b)
The chairperson of the board appointed pursuant to Section 50901.
(c)
The board member appointed by the Governor pursuant to subdivision (b) of Section 50902.
(d)
Both of the board members appointed pursuant to subdivisions (h) and (i) of Section 50902.
If the chairperson of the board and the person appointed to serve under subdivision (c) is the same individual, then the fifth voting member of the policy committee shall be the board member appointed by the Governor to the board pursuant to subdivision (d) of Section 50902.
If there is no person on the board appointed to serve under subdivision (c), the Governor shall appoint a person to the policy committee who would have qualified in that capacity and such appointee shall serve for a six-year term and shall be subject to confirmation by the Senate.
The Director of Finance and the executive director of the agency shall serve as nonvoting, ex officio members of the policy committee.