Bill Text: TX HB3472 | 2011-2012 | 82nd Legislature | Introduced
Bill Title: Relating to the ethics and financial disclosure requirements of members of the governing board, officers, and employees of certain public retirement systems and officers and employees of a nonprofit corporation for investment of the permanent university fund.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-04-19 - Left pending in committee [HB3472 Detail]
Download: Texas-2011-HB3472-Introduced.html
| 82R9987 CAE-D | ||
| By: Patrick | H.B. No. 3472 | |
|
|
||
|
|
||
| relating to the ethics and financial disclosure requirements of | ||
| members of the governing board, officers, and employees of certain | ||
| public retirement systems and officers and employees of a nonprofit | ||
| corporation for investment of the permanent university fund. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 66.08, Education Code, is amended by | ||
| adding Subsections (p), (q), and (r) to read as follows: | ||
| (p) A director or officer of the corporation required to | ||
| file a personal financial statement under Subchapter B, Chapter | ||
| 572, Government Code, must file a copy of the financial statement | ||
| that is filed with the Texas Ethics Commission with a person | ||
| designated by the board of directors. The designated person shall | ||
| review each statement to identify any potential conflicts of | ||
| interest and shall report to the board of directors any conflicts of | ||
| interest identified. | ||
| (q) Each employee of the corporation who exercises | ||
| significant decision-making or fiduciary authority, as determined | ||
| by the board of directors, shall file financial disclosure | ||
| statements with a person designated by the board of directors. The | ||
| content of a financial disclosure statement must comply | ||
| substantially with the requirements of Subchapter B, Chapter 572, | ||
| Government Code. A statement must be filed not later than the 30th | ||
| day after the date a person is employed in a significant | ||
| decision-making or fiduciary position and annually after | ||
| employment not later than April 30. The filing deadline may be | ||
| postponed by the board of directors for not more than 60 days on | ||
| written request or for an additional period for good cause, as | ||
| determined by the board of directors. The designated person shall | ||
| review each statement to identify any potential conflicts of | ||
| interest and shall report to the board of directors any conflicts of | ||
| interest identified. The corporation shall maintain a financial | ||
| disclosure statement for at least five years after the date of its | ||
| filing. | ||
| (r) An employee required to file a financial disclosure | ||
| statement under Subsection (q) must annually file a signed | ||
| statement that the employee has disclosed any outside employment | ||
| activity or business activity and that the employee has received | ||
| approval from the board of directors for the employment or business | ||
| activity. | ||
| SECTION 2. Subchapter A, Chapter 572, Government Code, is | ||
| amended by adding Section 572.009 to read as follows: | ||
| Sec. 572.009. APPLICABILITY TO NONPROFIT INVESTMENT | ||
| CORPORATION FOR PERMANENT UNIVERSITY FUND. (a) A provision of this | ||
| chapter that applies to a state agency applies to a nonprofit | ||
| corporation under contract with the board of regents of The | ||
| University of Texas System under Section 66.08, Education Code, to | ||
| invest the funds of the permanent university fund on behalf of the | ||
| board of regents. | ||
| (b) A provision of this chapter that applies to an appointed | ||
| officer of a major state agency applies to a member of the board of | ||
| directors of a nonprofit corporation described by Subsection (a). | ||
| SECTION 3. Section 815.213, Government Code, is amended to | ||
| read as follows: | ||
| Sec. 815.213. ETHICS AND DISCLOSURE REQUIREMENTS. (a) The | ||
| board of trustees shall adopt an investment policy that includes a | ||
| code of ethics. The code of ethics must contain standards of | ||
| ethical conduct and disclosure requirements applicable to the | ||
| members of the board of trustees and employees of the retirement | ||
| system in the administration of this subtitle. | ||
| (b) A member of the board of trustees or an officer of the | ||
| retirement system required to file a personal financial statement | ||
| under Subchapter B, Chapter 572, must file a copy of the financial | ||
| statement that is filed with the Texas Ethics Commission with a | ||
| person designated by the board. The designated person shall review | ||
| each statement to identify any potential conflicts of interest and | ||
| shall report to the board of trustees any conflicts of interest | ||
| identified. | ||
| (c) Each employee of the retirement system who exercises | ||
| significant decision-making or fiduciary authority, as determined | ||
| by the board of trustees, shall file financial disclosure | ||
| statements with a person designated by the board. The content of a | ||
| financial disclosure statement must comply substantially with the | ||
| requirements of Subchapter B, Chapter 572. A statement must be | ||
| filed not later than the 30th day after the date a person is | ||
| employed in a significant decision-making or fiduciary position and | ||
| annually after employment not later than April 30. The filing | ||
| deadline may be postponed by the executive director for not more | ||
| than 60 days on written request or for an additional period for good | ||
| cause, as determined by the executive director. The designated | ||
| person shall review each statement to identify any potential | ||
| conflicts of interest and shall report to the board of trustees any | ||
| conflicts of interest identified. The retirement system shall | ||
| maintain a financial disclosure statement for at least five years | ||
| after the date of its filing. | ||
| (d) An employee required to file a financial disclosure | ||
| statement under Subsection (c) must annually file a signed | ||
| statement that the employee has disclosed any outside employment | ||
| activity or business activity and that the employee has received | ||
| approval from the executive director for the employment or business | ||
| activity. | ||
| SECTION 4. Section 825.212, Government Code, is amended by | ||
| adding Subsections (i) and (j) to read as follows: | ||
| (i) A member of the board of trustees or an officer of the | ||
| retirement system required to file a personal financial statement | ||
| under Subchapter B, Chapter 572, must file a copy of the financial | ||
| statement that is filed with the Texas Ethics Commission with a | ||
| person designated by the board. The designated person shall review | ||
| each statement to identify any potential conflicts of interest and | ||
| shall report to the board of trustees any conflicts of interest | ||
| identified. | ||
| (j) An employee required to file a financial disclosure | ||
| statement under Subsection (b) must annually file a signed | ||
| statement that the employee has disclosed any outside employment | ||
| activity or business activity and that the employee has received | ||
| approval from the executive director for the employment or business | ||
| activity. | ||
| SECTION 5. This Act takes effect September 1, 2011. | ||
