- Associated Press - Friday, July 22, 2016

SAN FRANCISCO (AP) - The University of California Board of Regents has approved new rules that require senior executives who want to moonlight on corporate boards or consult for companies to first explain how the UC system would benefit from the work.

The San Francisco Chronicle reports (https://bit.ly/29Qnohn ) Friday that the revised conflict-of-interest rules apply only to executives who request permission to do outside work in the future.

Twelve executives already do extra work with for-profit companies. UCSF Medical Center Chief Executive Officer Mark Laret sits on the boards of two companies that jointly do millions of dollars of business with the hospital and have paid him more than $5 million in stock awards and cash fees over the past nine years.

He also earns a $1.6 million annual salary. He has declined to comment and a spokeswoman says his work complies with UC policy.

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Information from: San Francisco Chronicle, https://www.sfgate.com

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