NY A08157

Board members must exercise direct oversight of the CEO and management, adopt a code of ethics, and execute acknowledgments of their fiduciary responsibilities within 60 days of taking office.

All board members must complete training approved by the inspector general on legal, fiduciary, financial and ethical responsibilities within one year of appointment, with continuing training required thereafter.

Authority must establish comprehensive property disposition guidelines, conduct independent appraisals for real property sales, publicly advertise for bids, and submit annual property reports to the mayor, comptroller, legislature and budget office.

Authority must submit detailed annual reports to oversight agencies including financial statements, executive compensation, asset lists, capital project tracking, disposition activities, and resident employment numbers, with financial information posted online in searchable format.

Inspector general office established, appointed by and reporting to NYC Department of Investigation commissioner, with authority to investigate corruption, fraud and conflicts of interest, subpoena witnesses, and access authority records.