STATEMENT BY UC BOARD OF REGENTS CHAIRMAN GERALD L. PARSKY ON THE TASK FORCE ON UC COMPENSATION, ACCOUNTABILITY, AND TRANSPARENCY

I wish to thank the members of the Task Force on UC Compensation, Accountability, and Transparency for their findings and recommendations. I asked them to fulfill a very broad and ambitious charge in a very short amount of time. They have well-served the University of California by working so quickly to produce a clear and comprehensive set of recommendations that will help the University address its problems in regard to its compensation policies and practices.

These recommendations build on steps The Regents already have taken to improve disclosure, accountability, and oversight, beginning with more timely and complete reporting of compensation actions taken by the board. In addition, they complement other proposals that we have adopted or are considering, such as the creation of an independent compliance officer position and an assessment of how best to organize and staff the Office of the President in ways that strengthen the business practices and management of the University. Our goal, which is shared by the Task Force, is for the University’s business practices and management to rise to the same quality as its academic excellence.

The Regents will begin to act on these recommendations at our next scheduled regular meeting in May. While we have a sense of urgency to correct policies and practices that never should have been allowed to continue, violating as they have both the letter and the spirit of the 1992 principles adopted by The Regents to guide executive compensation, we will be careful and deliberate in adopting these recommendations. We will make our decisions informed not just by the Task Force findings but also by the PricewaterhouseCoopers audit that The Regents ordered, and the Bureau of State Audits. We also welcome additional public comment, from both inside and outside the University.

The Regents remain steadfast in our determination to establish the University of California as a national leader in business practices, in order that these practices might support, and not further distract us from, our primary mission to provide quality teaching, research, and public service. I thank the Task Force for its role in helping us move closer to achieving this goal, not just for the University but for the people of California.

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The Task Force report is at www.universityofcalifornia.edu/news/compensation/taskforce.html.