Section 355.290 - Standard of conduct in discharge of duties and making decisions concerning investments; conflicts of interest; Corporation may not finance or influence political activities1. Members of the Board and officers, employees and agents of the Corporation shall discharge the duties of their respective positions in a nonpartisan manner, in good faith and with the degree of diligence, care and skill which an ordinarily prudent person would exercise in a similar position under similar circumstances. In discharging their duties, members of the Board and officers, employees and agents of the Corporation may rely on:(a) An opinion of legal counsel for the Corporation concerning matters reasonably believed to be within the professional competence of the legal counsel.(b) A report of an independent auditor selected by the Board who provides a report on matters reasonably believed to be within the professional competence of the auditor.(c) Financial statements of the Corporation which the officer of the Corporation having charge of the books or accounts of the Corporation represents to be correct or which a certified public accountant has certified in writing to reflect fairly the financial condition of the Corporation.2. In making decisions concerning the investments of the Corporation, the members of the Board shall exercise the care, skill and caution that an investor of ordinary prudence, discretion and intelligence would exercise under similar circumstances in a similar position.3. A member of the Board:(a) Shall not vote, abstain from voting or otherwise act upon a matter;(b) Shall not participate in the discussions or deliberations of a matter;(c) Must not be present for the portion of a meeting during which the Board discusses or deliberates a matter or votes upon a matter; or(d) Shall not discuss a matter with another member of the Board,ÃS if the action or opinion of the member of the Board would reasonably be affected by his or her commitment in a private capacity to the interest of another person. If a member of the Board is prohibited from discussing or taking action on a matter pursuant to this subsection, immediately before the Board discusses the matter at a meeting, the member of the Board shall disclose the conflict of interest. The disclosure must be included in the record of the meeting.
4. An officer, employee or agent of the Corporation shall not take any action with respect to his or her work for the Corporation which would reasonably be affected by his or her commitment in a private capacity to the interest of another person and shall disclose to the Board in writing the existence and nature of such a conflict of interest.5. The Corporation may not make expenditures or investments to finance or influence political activities. In making decisions concerning expenditures or investments by the Corporation, the members of the Board shall not consider whether the recipient of the expenditure or investment has made a contribution or expenditure which is subject to the requirements of chapter 294A of NRS.Nev. Admin. Code § 355.290
Added to NAC by St. Treasurer by R128-11, eff. 2-20-2013