2022 Colorado Code
Title 40 - Utilities
Article 9.5 - Cooperative Electric Associations
Part 1 - Generally
§ 40-9.5-110.5. Directors - Required Policies
- The board of each cooperative electric association shall adopt written policies concerning:
- The compensation provided to directors on the board of directors, including information on any authorized per diem amounts, and the value of any other benefits, services, or goods that directors receive;
- The requirements and procedures for a director on the board of directors to disclose in writing any conflicts of interest. At a minimum, an association's policy must require disclosure when a decision before the board could provide directly and as a proximate result of the decision a financial or other material benefit to:
- The director, if the benefit is unique to that director and not shared by similarly situated cooperative members;
- A parent, grandparent, spouse, partner in a civil union, child, or sibling of the director, if the benefit is unique to that person and not shared by similarly situated cooperative members; or
- An entity in which the director is an officer or director or has a financial interest unique to that director.
- Subject to subsection (2)(b) of this section, a director on the board of directors shall at all times fulfill the director's duty of loyalty to the association and shall not allow a conflict of interest to impair the director's loyalty to the association.
- Notwithstanding any other law to the contrary, if an individual is a director on the board of directors of both a distribution cooperative electric association and a generation and transmission cooperative electric association, the director owes fiduciary duties to both associations and shall not be required to give priority to a fiduciary duty the director owes to one association over the duties the director owes to the other association.
Source: L. 2021: Entire section added, (HB 21-1131), ch. 65, p. 264, § 7, effective September 7.
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