Board of directors of the Wisconsin Economic Development Corporation

Under this bill, the members of the WEDC board nominated by the governor no longer serve at the pleasure of the governor but serve four-year terms. The governor must select nominees from a list of candidates prepared by the WEDC board. In addition, the members of the board appointed by the speaker of the assembly and senate majority leader who are employed in the private sector no longer serve at the pleasure of the speaker or majority leader but serve four-year terms.

2. Under the bill, the WEDC board must prepare a list of candidates from which the governor may nominate members of the board. The WEDC board must include on the list at least two candidates for each position. In addition, the board must select candidates who have financial management experience, municipal or regional economic development experience, or private sector business experience. The board must also ensure that some of the candidates have expertise in corporate ethics.

3. Currently, the governor serves as chairperson of the WEDC board. Under the bill, the WEDC board must elect a chairperson. The board must also elect one of its members to serve as a lead director for a two-year term. Under the bill, the lead director is to provide guidance to the WEDC board, facilitate communication between the board and the corporation, and advise the chairperson of the board and the chief executive officer.

4. Currently, the WEDC chief executive officer is nominated by the governor, and with the advice and consent of the senate appointed, to serve at the pleasure of the governor. This bill provides that the board shall appoint the chief executive officer and may not delegate to any WEDC employee the power to appoint or terminate the employment of any executive employee of WEDC.

5. The bill also provides that the WEDC board may not delegate to any WEDC employee the power or duty to develop or implement any internal policy without the board first approving the policy.

6. The bill requires the WEDC board to establish a finance committee consisting of five board members. The members of the finance committee must elect a chairperson. Under the bill, no offers of grants, loans, or tax credits may be made by WEDC to any business without the approval of the finance committee.

7. The bill requires the WEDC board to establish an audit and compliance committee to audit the programs and finances of WEDC and to ensure that WEDC is in compliance with applicable state and federal law. The committee must meet monthly and publish the minutes of its meetings. The committee must also report at each WEDC board meeting on the current compliance of WEDC with applicable state and federal law, the status of any contracts with businesses that are out of compliance with the contract, and what actions have been planned or taken to resolve the compliance issues.

8. The bill provides that the chairpersons of all committees established by the WEDC board must prepare agendas for committee meetings.

9. Finally, the bill provides that if the WEDC board establishes or incorporates a foundation or other entity to solicit funds for economic development in this state, the board must publish a list of all donors on an Internet Web site maintained by WEDC and must include the list in its annual report to the legislature. Under the bill, no person who contributes moneys to the foundation or other entity may participate in any WEDC economic development program for two years from the date of the contribution.