A new set of conflict-of-interest guidelines for the University of California will make it difficult for senior executives to continue moonlighting on corporate boards and taking private consulting gigs, according to a report from the San Francisco Chronicle.
The school's Board of Regents approved a new set of rules on Thursday that would require executives to prove their sideline gigs prove beneficial to the university system, and to get prior approval before accepting any future offers. To soften that blow, however, the regents also approved a 3% raise for chancellors and other top executives, many of whom protested about low wages raises last week.
Of the executives getting the pay increase, the lowest earners were making $280,000 before the raise. The highest earner, Chancellor Samuel Hawgood of UC San Francisco, pulled in $772,000, according to notes from the regents meeting.
Documents submitted to the committee show that UC cancellors are the lowest paid when compared to salaries at other universities, both public and private. Nicholas Dirks, the chancellor of UC Berkeley, the top public university in the nation, makes less than chancellors at University of Oregon, University of Florida, University of Pittsburgh and University of Washington, and a slew of other public universities.
The new conflict-of-interest guildelines will not apply to executives who have already accepted board and consulting positions.
Read more over at theSan Francisco Chronicle.