ANN ARBOR, Mich. (AP) - University of Michigan officials are considering allowing financial administrators to make investment decisions outside of public meetings.
University officials announced the proposed change on Thursday. The Board of Regents currently considers investment moves at its monthly meetings. The proposal would move that responsibility to the investment office staff. The board would then only vote on broad guidelines for the university's investments.
The move comes as the university announced the findings of an independent review of its investment procedures.
PricewaterhouseCoopers found the university has sound financial controls for the $13 million managed by the university's Office of Investments. The accounting firm recommended the university implement stronger policies to avoid conflicts of interests and straighter oversight of the officer's travel and gift policy.