Adopted Date: 09-12-1996
Renumbered from 6.4: June 9, 2004
This policy applies to members of the University Board of Regents.
Members of the Board of Regents ("Regents") are expected to perform their duties faithfully and efficiently and never to give rise to suspicion of improper conflict with interests of the University. Regents shall not accept favors or gratuities of significant economic value from any firm, person, or corporation that is engaged in, or attempting to engage in, business transactions with the University. They must avoid any conflict of interest that may affect their independent judgment in the impartial performance of their duties. They may not use their positions to enhance their direct or indirect financial interest or use confidential information learned as a Regent for anyone's private gain. Regents shall comply with state conflict of interest laws as well as University policies.
No Regent shall maintain a financial interest in a firm or corporation with which the University is engaged in business. In addition, a Regent shall not participate directly or indirectly in any decisions relating to any transaction between the University and a business entity of which the Regent or any member of the Regent's immediate family is a director or trustee.
For the purposes of this policy, "financial interest" includes any direct or indirect financial interest. This includes any transaction between the University and the Regent or a member of the Regent's immediate family. An immediate family member is a family member who shares a home with a Regent; or is a person who receives financial support of more than twenty-five percent (25%) of his or her annual income from a Regent; or is a person who is claimed as a dependent for federal income tax purposes by a Regent. "Financial interest" also includes any transaction between the University and a business entity (corporation, sole proprietorship, partnership, LLC, or similar entity) including parents or subsidiaries of the business entity, in which the Regent or a member of the Regent's immediate family:
has an ownership interest (other than as owner of less than one percent (1%) of the stock of a publicly traded corporation); or
is a partner or officer of such business entity or an employee of such business entity whose compensation is related to business transacted with the University.
A member of the Board of Regents will have 120 days from the date the Board of Regents approves the "Regent Code of Conduct and Conflicts of Interest Policy" ("Code") to fully comply with the Code. Each Regent will annually certify compliance with the Code on a form approved by the Regents. Each annual certification shall be filed by the Regents with the University Counsel who shall furnish a copy to the Executive Vice President for Administration. If a Regent fails to file an annual certification or fails to comply with the Code, the Board of Regents shall give written notice to the Governor of the State of New Mexico. The Regents shall make any such notice public. Violation of the Code by a Regent will be grounds for removal of that Regent pursuant to Article XII, Section 13 of the Constitution of New Mexico.
Members of the Board of Regents are required by the Financial Disclosure Act, Section 10-16A-1, et seq., NMSA 1978, to file a report with the New Mexico Secretary of State concerning the Regent's financial interests. A copy of such report shall also be filed by the Regent with the University Counsel who shall furnish a copy to the Executive Vice president for Administration and distributed to each member of the Board of Regents. The report filed with the Vice President shall be supplemented to the extent necessary to set forth the Regent's financial interests as defined in Section 3 of this policy.
NMSA 1978 Governmental Conduct Act, § 10-16-1 et seq.; Procurement Code 13-1-190, -193, -195; 21-1-17, -35