IB 1.04(2)(b)
(b) Place such interest in a trust where the trustee is a disinterested person and has full power to sell or retain such interest and the employee has only the right to receive income or the proceeds of any sale, or
IB 1.04(2)(c)
(c) Provided where under
par. (a) or
(b) a sale or trust would in the sole opinion of the board work a hardship on the employee or the employee's family, the board may yearly grant, upon written application, a waiver effective for the following year.
IB 1.04(3)
(3) This section does not prohibit holding or acquisition of a financial interest in a firm providing services to the board if the net income to the firm from providing services to the board is less than 10% of the annual net income of the firm.
IB 1.04 History
History: Cr.
Register, August, 1983, No. 332, eff. 9-1-83; am. (3),
Register, May, 1998, No. 509, eff. 6-1-98.
IB 1.05
IB 1.05 Personal investments by employees of the board. IB 1.05(1)(1) Employees may not directly or indirectly purchase or hold any stock or convertible bond being sold as a new issue at the time it is offered to the public for the first time. An employee may purchase and own a stock or convertible bond which was offered to the public for the first time if the employee purchases it after it is publicly traded.
IB 1.05(2)
(2) An employee may purchase or sell any other investment when in compliance with requirements of this chapter if the employee obtains advance written approval from the executive director. The executive director may delegate authority to approve employee personal investment transactions to the chief investment officer, assistant executive director, legal counsel, or an investment director. The employee must confirm that the purchase or sale is not based upon confidential information of the board. Permission for the purchase or sale shall be granted if the purchase or sale is not found to be in conflict with the board's interests or applicable legal and professional codes, guidelines, and regulations.
IB 1.05(3)
(3) Procedures for preclearance and monitoring of employee personal investments may be established by the executive director to implement any applicable legal, regulatory, agency guideline or professional code standards or requirements.
IB 1.05 Note
Note: Personal investment approval request forms may be obtained from the executive director of the investment board.
IB 1.05 History
History: Cr.
Register, August, 1983, No. 332, eff. 9-1-83; am. (1) and (2), cr. (3),
Register, May, 1998, No. 509, eff. 6-1-98.
IB 1.07
IB 1.07 Other than state employment. IB 1.07(1)
(1) Pursuant to s.
25.16 (2), Stats., no employee of the board may offer to or render investment advice to any other person for remuneration. Teaching a course for remuneration in a school, college or university is not a violation of this provision.
IB 1.07(2)
(2) Employees of the board may need to engage in other than state employment. Each employee wishing to engage in other employment shall request permission in writing from the executive director, disclosing the nature of the proposed employment or business, the hours per week to be worked and the duration of the employment. The decision of the executive director to allow such outside employment or to refuse such outside employment shall be final provided that, where the decision to refuse such outside employment is made, it shall be accompanied by an explanation of the reasons for the refusal.
IB 1.07 History
History: Cr.
Register, August, 1983, No. 332, eff. 9-1-83.
IB 1.08
IB 1.08 Service on boards of directors. IB 1.08(1)
(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:
IB 1.08(1)(a)
(a) If serving will require occasional absence during core working hours, then arrangements shall be made in advance covering the time off.
IB 1.08(1)(b)
(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.
IB 1.08(2)
(2) An employee of the board may serve as a director of any for-profit firm and retain any remuneration provided:
IB 1.08(2)(a)
(a) Prior to acceptance of the position, the offer of the position is disclosed in writing to the executive director and,
IB 1.08(2)(b)
(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,
IB 1.08(2)(c)
(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
IB 1.08(2)(d)
(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.
IB 1.08(3)
(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.
IB 1.08(4)
(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.
IB 1.08 History
History: 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.
IB 1.09
IB 1.09 Confidential and privileged information. IB 1.09(1)(1) No employee of the board may release confidential or privileged information without approval of the executive director or the board's legal counsel.
IB 1.09(2)
(2) No employee of the board may use confidential or privileged information for his or her personal benefit or to benefit his or her family.
IB 1.09 History
History: Cr.
Register, August, 1983, No. 332, eff. 9-1-83; am. (1),
Register, May, 1998, No. 509, eff. 6-1-98.
