The bill amends Section 42-64-8 of the General Laws concerning the Rhode Island Commerce Corporation, specifically addressing the governance structure and operational procedures of the board of directors. It establishes that the board will consist of thirteen members, including the governor as an ex-officio chairperson, and outlines the qualifications and diversity requirements for the public members appointed by the governor. The bill mandates that the corporation conduct training for newly appointed members and specifies the responsibilities of the board, including the appointment of a chief operating officer and the creation of various committees, such as a capital finance subcommittee.

A significant change introduced by the bill is the requirement for a two-thirds (2/3) majority of the directors present and entitled to vote at any regular or special meeting to approve any action taken by the commerce corporation. Additionally, the bill emphasizes transparency and accountability by requiring the board to create metrics and reporting requirements to evaluate the effectiveness of the corporation's programs and services, culminating in an annual report to the governor and the general assembly. This act will take effect upon passage.

Statutes affected:
316: 42-64-8