This joint resolution proposes an amendment to Article 12, Section 13 of the New Mexico Constitution to establish clear fiduciary duties for members of boards of regents at state educational institutions. The amendment outlines that each board member holds a position of trust and is obligated to act with undivided loyalty, due care, and good faith while adhering to state laws and institutional policies. Additionally, it specifies that the fiduciary duties extend to any administrators to whom the board delegates authority. The resolution also stipulates that members can only be removed for incompetence, neglect, breaches of fiduciary duties, or malfeasance, and that such removal can be initiated by the Attorney General or a majority of the board members through a district court action.

Furthermore, the resolution mandates that the proposed amendment be submitted to the voters for approval or rejection during the next general election or any special election called for that purpose. This initiative aims to enhance accountability and governance within the boards of regents, ensuring that members are held to high standards of conduct in their management of educational institutions in New Mexico.