University of Texas System Board of Regents on Thursday approved a slightly revised code of ethics for employees of University of Texas Investment Management Co., said spokeswoman Christie Wallace.
The revision removed provisions prohibiting UTIMCO board members and the company, which manages $24.2 billion for the university system, from making investments held by either of them. Directors now can have up to a 5% financial interest in investments also held by UTIMCO.
The adopted change to the ethics rules actually removes potential conflicts by allowing a UTIMCO director to suggest investments to UTIMCO which the director has himself found compelling, Regents Vice Chairman Robert B. Rowling said in a news release.
The change in the code requires UTIMCO board members to disclose yearly any investments they have in common with UTIMCO. Additionally, board members with financial interests in those investments will recuse themselves from voting on any such investment.