Board of Regents is maintaining accountability

I'd like to offer complete information about my view of university presidents' sitting on corporate boards, which mistakenly was called “blanket criticism” (“Public leaders on private boards,” Oct. 15 Gazette Editorial). University presidents often serve on corporate boards without any conflicts. But there have been some high-profile controversies and there are risks.

My 2008 comment cited by The Gazette was in response to the presidents of Northwestern and St. John's universities being paid to serve on the Bear Stearns board. When the firm collapsed, the universities faced concerns of liability to wronged investors.

More recently, the University of Georgia system and Ohio State University presidents were linked to The BP oil spill and Massey Energy mining disaster, respectively. Each president served on the respective company board's safety committee, the Ohio State president as chairman. Both leaders were named in lawsuits. The president of the Rensselaer Polytechnic Institute resigned from two of eight corporate boards because of time demands. The University of Washington provost has attracted scrutiny for sitting on Nike's board, since Nike has a major contract with the university.

Transparency and good governance can minimize these kinds of conflicts, as I've learned from my years of oversight of the tax-exempt sector. University boards are responsible for making sure university and corporate interests are not in conflict. I've never known of problems with Iowa university presidents' sitting on corporate boards. That tells me the Board of Regents is maintaining accountability, which, as The Gazette suggests, is what everyone should expect.

Chuck Grassley

U.S. Senator, R-Iowa