Rhode Island § 42-64-8.2 § 42-64-8.2. Role and responsibilities of board members.

Rhode Island Statutes

§ 42-64-8.2 — § 42-64-8.2. Role and responsibilities of board members.

Rhode Island § 42-64-8.2

Title 42State Affairs and Government

Ch. 42-64Rhode Island Commerce Corporation

This text of Rhode Island § 42-64-8.2 (§ 42-64-8.2. Role and responsibilities of board members.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 42-64-8.2 (2026).

Text

§ 42-64-8.2. Role and responsibilities of board members.
(a) Board members of the corporation shall:
         
(1) Execute direct oversight of the corporation in the effective and ethical management
            of the corporation;
         
(2) Understand, review, and monitor the implementation of fundamental financial and management
            controls and operational decisions of the corporation;
         
(3) Adopt a code of ethics applicable to each officer, director and employee of the corporation
            that, at a minimum, includes the standards established in chapter 14 of title 36 ("C

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§ 42-64-8.2. Role and responsibilities of board members.

(a) Board members of the corporation shall:

(1) Execute direct oversight of the corporation in the effective and ethical management of the corporation;

(2) Understand, review, and monitor the implementation of fundamental financial and management controls and operational decisions of the corporation;

(3) Adopt a code of ethics applicable to each officer, director and employee of the corporation that, at a minimum, includes the standards established in chapter 14 of title 36 ("Code of Ethicsâ€�);

(4) Adopt a mission statement expressing the purpose and goals of the corporation, a description of the stakeholders of the corporation and their reasonable expectations from the corporation;

(5) Adopt and periodically update an indemnification policy which shall be set forth in the bylaws of the corporation; and

(6) Perform each of their duties as board members, including, but not limited to, those imposed by this section, in good faith and with that degree of diligence, care, and skill which an ordinarily prudent person in like position would use under similar circumstances and ultimately apply independent judgment in the best interest of the corporation, its mission, and the public.

(b) Board members of the corporation shall establish and maintain written policies and procedures for the following:

(1) Internal accounting and administrative controls in accordance with the provisions of chapter 20 of title 35 ("Public Corporation Financial Integrity and Accountability Act of 1995â€�);

(2) Travel, including lodging, meals, and incidental expenses, provided that no reimbursement shall exceed the allowable state employee reimbursement amount per day;

(3) Charitable and civic donations and/or contributions; provided, however, that all such donations or contributions shall be voted by the full board during an open meeting and the vote shall be recorded in the minutes of the meeting, together with:

(i) The citation to the specific state statute authorizing the action;

(ii) An explanation of how the donation or contribution relates to the mission of the corporation;

(iii) The identity of any board member or employee of the corporation that will receive any benefit from the donation or contribution;

(iv) Any disclosure required by chapter 14 of title 36 ("Code of Ethicsâ€�); and

(v) Each such donation or contribution shall be clearly identified in the financial statements of the corporation;

(4) Credit card use, provided, that pursuant to § 35-20-10, no credit card shall be used for personal use;

(5) Employee reimbursement, including requests by management for business expenses, and expenses classified as gifts or entertainment;

(6) Personnel, including hiring, dismissing, promoting, and compensating employees of the corporation, and provided that no employee of the corporation shall be compensated for sick, vacation, or other leave time to an extent greater than state employees;

(7) Severance pay;

(8) Marketing expenses; and

(9) Lobbyists' expenses.

(c) The written policies and procedures required by this section and any additional written policies and procedures that the board may adopt shall be approved by the board during an open meeting and the vote shall be recorded in the minutes of the meeting.