University of Texas Regents Want To Relax Ethics Rule
TYLER (AP) - University of Texas System Board of Regents say they support removing an ethics rule regarding investments.
The rule bans directors and staff members of the investment group that handles money for public university systems from putting their own money into the same private investments as the company.
The regents, meeting at UT-Tyler on Thursday, voiced support for eliminating the rule but took no action. Five of the nine regents said they supported the change. The other four were absent. The regents plan to vote on the proposal in July.
The regents and officials of the University of Texas Investment Management Co., which handles investments for the UT System and the Texas A&M University Sys-tem, acknowledged that the issue is sensitive and expressed concern that a relaxation of standards would receive a negative public response.
"We want to put the issue on the table so no one thinks we are trying to do anything surreptitiously," said Bruce Zimmerman, UTIMCO's chief executive and chief investment officer.
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