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1.3 Conflict of Interest Policy – Duty of Loyalty
- The Board of Regents, State of Iowa ("Board"), recognizes that members of the Board, employees of the Board, and employees of institutions governed by the Board, are required to comply with Iowa Code § 68B.2A: Conflicts of Interest. To further enhance the credibility and accountability of the Board, the Board requires that all Regents and institutional officials promote at all times the best interests of the Board and its institutions consistent with policies, rules, regulations, and laws governing the Board, academic institutions, and academic freedom. The duty of loyalty requires Regents to exercise their powers and duties in the interests of the Board and its institutions and not in the Regent’s own interest or in the interest of another person or organization.
- Regents and institutional officials must endeavor to remain free from the influence of, or appearance of, any conflicting interest in acting on behalf of the Board or a Regent institution. Actual or potential conflicts of interest for a Regent or institutional official may arise from the interests of the individual or the individual's spouse, significant other, or a family member. Such interests may include, but are not limited to, employment, ownership of, or service on the board of directors of an organization that has or may have relationships with the Board or a Regent institution.
- Each Regent shall disclose on an annual basis any interests that may create an actual or potential conflict of interest and shall supplement the disclosure as new interests may appear. Each Regent shall consult with the Board office on managing identified conflicts. For some interests, disclosure alone may be sufficient. Others may require recusal from participation on certain matters, or, in very unusual situations, divestiture of the interest or resignation from a conflicting position.
- When a Regent has an interest, direct or indirect, in an entity proposing to offer a product or service to the Board or an institution under its jurisdiction, the Regent shall not have access to any information regarding the proposed transaction or any competing entity that is not otherwise available to the public and/or all entities competing under the proposed transaction. In the event of any dispute concerning the foregoing, the matter shall be referred to the Office of the Board of Regents who may consult with Office of the Attorney General as necessary.
- Regent institutions shall have Conflict of Interest policies in place for institutional employees not subject to this policy. Such institutional policies shall not be inconsistent with this policy.
- By its requirement that there be a student member of the Board, the Legislature is deemed to have determined that a student's interest in Board determinations of tuition policy and the like do not constitute an impermissible conflict of interest.
- The following procedure shall be followed in the event a question arises within the Board of Regents regarding a conflict of interest:
- In all instances where a Regent has a question as to whether he or she may have a conflict of interest in a specific matter, such question shall be referred to the Board office for evaluation. The Board office will consult with the Office of the Attorney General of the State of Iowa as necessary and appropriate to determine whether a conflict of interest is present and the manner in which it should be managed. The Board member shall act in accordance with the determination of the Board office and/or Attorney General.
- If a Regent has a question about whether another Regent has a conflict of interest on a specific matter, the procedure noted above shall be followed, and the Regent having the alleged conflict shall be notified about the question at the time it is referred to the Board office.