Section IB 1.08 - Service on boards of directors(1) An employee of the board may serve in any position, including a directorship, of a non-profit firm, fraternal organization or religious organization, provided: (a) If serving will require occasional absence during core working hours, then arrangements shall be made in advance covering the time off.(b) If serving will require more than occasional absence during core working hours, then such service shall be subject to advance approval by the executive director.(2) An employee of the board may serve as a director of any for-profit firm and retain any remuneration provided:(a) Prior to acceptance of the position, the offer of the position is disclosed in writing to the executive director and,(b) The executive director determines that the firm's bonds, stock or debt are not likely to become the subject of investments which the board would purchase and,(c) The executive director determines that service as a director will not interfere or adversely affect the employee's performance of his or her investment board duties, and(d) If serving as a director will involve being absent during regular working hours, then acceptable arrangements covering the time off shall be made between the employee and the executive director.(3) An employee of the board may serve as a director of a firm in which the board has an investment only when the board approves such service in advance and any remuneration received by the employee is paid to the board.(4) If an employee is serving as a director at the time an investment in that firm is submitted as a proposed investment to the board, such service shall immediately be brought to the attention of the board and the employee shall immediately disassociate himself or herself from the investment analysis and the decision- making process. If the board subsequently invests in the company and the employee elects to continue as a director, then during the time the board holds any investment in that company, the employee shall pay any remuneration received during that period to the board. At such time as the board no longer holds any investment in the company, the employee may again receive and retain any remuneration.Wis. Admin. Code Investment Board IB 1.08
Cr. Register, August, 1983, No. 332, eff. 9-1-83; am. (1) (intro.), (2) (intro.) and (b), (3) and (4), Register, May, 1998, No. 509, eff. 6-1-98.