Bill > SB2316

This bill, effective July 1, 2026, reconstitutes the board of directors for the Tennessee Technology Development Corporation, which is an entity focused on technological advancement in the state. The current board will be dissolved and replaced by a new fifteen-member board. Ten of these members will be from the private sector, appointed by the governor, the speaker of the house, and the speaker of the senate, with the board's nominating committee also selecting six private sector representatives who must be approved by the board. Four members will be from the public sector, appointed by the governor, the speaker of the house, and the speaker of the senate, with the governor's public sector appointments requiring consultation with municipal and county organizations. The Commissioner of Economic and Community Development will serve as an ex officio, non-voting member. The bill also outlines the initial and subsequent term lengths for board members, requiring that appointments strive for equal representation from the state's three grand divisions, and mandates the election of officers, the appointment of an executive committee to manage daily operations, and a minimum of four annual board meetings, with at least one in person. Furthermore, the board will be required to adopt and enforce a conflict of interest policy, including annual written disclosures of financial interests and acknowledgments of understanding the policy by all board members, with potential appointees needing to confirm they are not in conflict with the policy as a condition of their appointment. The bill also makes conforming changes to other sections of Tennessee law related to the corporation's existence and oversight.