LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION Revision 1 April 28, 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 composition and appointment of the board of directors of a corporation to which the board of regents of the University of Texas System delegates investment authority for the permanent university fund or other funds under the control of the board of regents.), Committee Report 1st House, Substituted No fiscal implication to the State is anticipated. The bill would amend Section 66.08 of the Education Code to change the composition of the board of directors of the entity to which the Board of Regents of The University of Texas System delegates certain investment management services. This legislation would also require a vote of 4/5 of the board of directors to (1) hire and fire the chief executive officer of the corporation; (2) approve the corporations annual budget; (3) award executive compensation, including bonuses; (4) make changes to the corporations asset allocation; and (5) make changes to the investment policies of the corporation. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies: LBB Staff: JOB, KK, RT, JAW
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
Revision 1
April 28, 2011
Revision 1
Revision 1
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 composition and appointment of the board of directors of a corporation to which the board of regents of the University of Texas System delegates investment authority for the permanent university fund or other funds under the control of the board of regents.), Committee Report 1st House, Substituted
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 composition and appointment of the board of directors of a corporation to which the board of regents of the University of Texas System delegates investment authority for the permanent university fund or other funds under the control of the board of regents.), Committee Report 1st House, Substituted
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 composition and appointment of the board of directors of a corporation to which the board of regents of the University of Texas System delegates investment authority for the permanent university fund or other funds under the control of the board of regents.), Committee Report 1st House, Substituted
HB2825 by Otto (relating to the composition and appointment of the board of directors of a corporation to which the board of regents of the University of Texas System delegates investment authority for the permanent university fund or other funds under the control of the board of regents.), Committee Report 1st House, Substituted
No fiscal implication to the State is anticipated.
No fiscal implication to the State is anticipated.
No fiscal implication to the State is anticipated.
The bill would amend Section 66.08 of the Education Code to change the composition of the board of directors of the entity to which the Board of Regents of The University of Texas System delegates certain investment management services. This legislation would also require a vote of 4/5 of the board of directors to (1) hire and fire the chief executive officer of the corporation; (2) approve the corporations annual budget; (3) award executive compensation, including bonuses; (4) make changes to the corporations asset allocation; and (5) make changes to the investment policies of the corporation.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies:
LBB Staff: JOB, KK, RT, JAW
JOB, KK, RT, JAW