HI HB1071

Change selection of independent audit committee chair to be determined by board of regents bylaws instead of selection by and from committee members.

Remove provision allowing board of regents to appoint members of the general public with financial expertise to the independent audit committee if no board members have requisite skills.

Clarify that independent audit committee has oversight role (rather than operations role) in enterprise risk management, including strategy, risk assessment, and legal/regulatory review.

Exempt independent audit committee from state open meetings and public records laws when discussing confidential matters with auditors consistent with national best practices, and allow chair discretion to exclude university president or chief financial officer from these discussions.

Effective date: July 1, 2060.