LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION April 11, 2011 TO: Honorable Dan Branch, Chair, House Committee on Higher Education FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB2825 by Otto (Relating to the investment management of the permanent university fund.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend Section 66.08, Education Code, changing the composition of the board of directors with which the Board of Regents of The University of Texas System (BOR) contracts for investment management services. This legislation requires a vote of 80 percent of the board of directors for (1) hiring and firing the chief executive officer of the corporation; (2) approval of the corporations annual budget; (3) awarding executive compensation, including bonuses; (4) making changes to the corporations asset allocation; and (5) changes to the investment policies of the corporation. The bill would take effect September 1, 2011. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:710 Texas A&M University System Administrative and General Offices, 720 The University of Texas System Administration LBB Staff: JOB, KK, RT
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
April 11, 2011
TO: Honorable Dan Branch, Chair, House Committee on Higher Education FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB2825 by Otto (Relating to the investment management of the permanent university fund.), As Introduced
TO: Honorable Dan Branch, Chair, House Committee on Higher Education
FROM: John S O'Brien, Director, Legislative Budget Board
IN RE: HB2825 by Otto (Relating to the investment management of the permanent university fund.), As Introduced
Honorable Dan Branch, Chair, House Committee on Higher Education
Honorable Dan Branch, Chair, House Committee on Higher Education
John S O'Brien, Director, Legislative Budget Board
John S O'Brien, Director, Legislative Budget Board
HB2825 by Otto (Relating to the investment management of the permanent university fund.), As Introduced
HB2825 by Otto (Relating to the investment management of the permanent university fund.), As Introduced
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend Section 66.08, Education Code, changing the composition of the board of directors with which the Board of Regents of The University of Texas System (BOR) contracts for investment management services. This legislation requires a vote of 80 percent of the board of directors for (1) hiring and firing the chief executive officer of the corporation; (2) approval of the corporations annual budget; (3) awarding executive compensation, including bonuses; (4) making changes to the corporations asset allocation; and (5) changes to the investment policies of the corporation. The bill would take effect September 1, 2011.
The bill would amend Section 66.08, Education Code, changing the composition of the board of directors with which the Board of Regents of The University of Texas System (BOR) contracts for investment management services. This legislation requires a vote of 80 percent of the board of directors for (1) hiring and firing the chief executive officer of the corporation; (2) approval of the corporations annual budget; (3) awarding executive compensation, including bonuses; (4) making changes to the corporations asset allocation; and (5) changes to the investment policies of the corporation.
The bill would take effect September 1, 2011.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 710 Texas A&M University System Administrative and General Offices, 720 The University of Texas System Administration
710 Texas A&M University System Administrative and General Offices, 720 The University of Texas System Administration
LBB Staff: JOB, KK, RT
JOB, KK, RT