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UTIMCO - Investment Directors Seek To Recommend Interests In Which They Have A Stake.

Publication Date: 
April 25, 2008
Austin American Statesman
Robert Elder

Glenn Miles, Director of Corporate Governance Research Projects, is quoted in an Austin American-Statesman story about the University of Texas Management Company's (UTIMCO) move to change the company's ethics rules:

UTIMCO's chairman of the board wants to change the company's code of ethics to allow directors to put money into the same investments that UTIMCO does, such as hedge funds, real estate partnerships and other private and public funds:

Glenn Miles, director of corporate governance research projects at Stanford Law School, said UTIMCO's rationale rings true: "Access to deal flow gets limited when you have those kind of restrictions."

But, Miles said, "I would want to see some evidence that deal flow is affected."

Then there's the public perception.

"Given the financial crisis of confidence we're experiencing now, if you've got something good in place, why take it out?" he said.