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Reminded that the time for contract renewal with the independent auditors may precede the Committee's next meeting, the Committee authorized the Treasurer to contract with Coopers & Lybrand for an ensuing year's work in accordance with the resolution of the Board of Regents on January 30, 1989.

The meeting of the Committee was adjourned at approximately 9:15 a.m., followed by the tour of facilities. The next meeting will be held as arranged by staff with the Committee.

[[underlined]] REPORT OF THE PERSONNEL COMMITTEE [[/underlined]]

Mrs. Clark introduced the following report of the Personnel Committee, noting that the Committee found no evidence of conflict of interest among the 13 members of the Management Committee whose financial interests statements were reviewed.

* * * * *

The Personnel Committee of the Board of Regents, consisting of Senator Charles McC. Mathias, Jr., Dr. Caryl P. Haskins, and Mrs. Jeannine S. Clark, has carefully reviewed the [[underlined]] Confidential Statement of Employment and Financial Interests [[/underlined]], fully filled out with respect to financial interests in calenday year 1988 and submitted by each of the following employees:

Robert McC. Adams
Dean W. Anderson
Alice G. Burnette
Tom L. Freudenheim
Margaret C. Gaynor
James M. Hobbins
Robert S. Hoffmann
John F. Jameson
Ann R. Leven
Thomas E. Lovejoy
Thomas McCance
Peter G. Powers
Ralph C. Rinzler

As a result of careful review of these statements as submitted, the Committee has unanimously decided that there is no conflict of interest whatsoever involved and that no action of any kind concerning conflict of interest need be taken with regard to any of these employees.

The Committee also received and reviewed a report of the Associate General Counsel entitled "Submission and review of Forms SI-1085, 'Confidential Statement of Employment and Financial Interests,' for Calendar Year 1988. From that report the Committee has unanimously agreed that the financial reporting procedures for those key staff who must report have functioned in accordance with established guidelines, and it is worth noting that the Associate General Counsel and Ethics Counselor has found no evidence of conflict of interest among the employees' reports.