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July 24, 2014

New COI policy for trustees is approved

The Board of Trustees executive committee has approved a revised conflict of interest policy for University trustees. The updated policy, approved July 18, clarifies the transactions and disclosures trustees must make.

The policy defines conflict of interest, either potential or actual, as “when a trustee’s commitments and obligations to the University may, or may appear to, be compromised by his/her interests or commitments, especially economic. Although not all conflicting interests are impermissible, those involving the potential for self-gain or gain by a related person can serve to undermine the judgment or objectivity of a trustee such that his/her primary obligation to the University is compromised. Furthermore, bias or the appearance of bias may undermine public trust in the University.”

Under the conflict of interest policy, trustees each year must disclose their own affiliations and that of related persons (their spouse, cohabitant partners, ancestors, siblings, children, grandchildren, great-grandchildren, and the spouses of siblings, children, grandchildren and great-grandchildren) and any person residing in the trustee’s household.

In addition, anyone proposed for election as a trustee must file a disclosure form prior to being recommended for election by the nominating committee.

Trustees also must “promptly disclose any and all situations that involve actual and apparent conflicts of interest as soon as they become known to the trustee.”

A written disclosure is required when a trustee receives knowledge of any University transaction or proposed transaction to which the trustee or a related person is a party, regardless of the dollar amount.

Disclosure also is required when a University transaction or proposed transaction is with an organization with which the trustee or a related person is affiliated (other than a permitted interest) and in which the transaction “or a series of similar transactions” exceeds or is likely to exceed $50,000.

Disclosures are analyzed by the general counsel. Information in the disclosure is kept in confidence “except to the extent dissemination is strictly necessary” for application of the policy.

—Kimberly K. Barlow