A UC Board of Regents committee approved a nearly $2 million bonus for the University’s chief investment officer Sept. 16.
The governance committee unanimously approved an incentive award of $1,975,558 in three annual installments to Jagdeep Singh Bachher, the UC’s chief investment officer and senior vice president, for the 2024-2025 fiscal year. The Regents also approved a contract with a new external auditor, a long-term development plan for a Lawrence Livermore National Laboratory program and updated its bylaws in its bimonthly meeting at UC San Francisco on Sept. 16 and Sept. 17.
The compliance and audit committee also unanimously approved KPMG as the UC Regents’ external auditor for the next five years. The contract will begin June 30, 2026, upon the conclusion of the board’s current contract with PricewaterhouseCoopers.
UC Associate Vice President and systemwide controller Barbara Cevallos said six firms engaged in a competitive bidding process to determine which would be chosen. The selection committee, made up of 22 representatives from UC campuses, medical centers, campus foundations and the UC Office of the President, evaluated the firms and recommended KPMG.
The contract with KPMG will save the UC $8 million over five years, she added.
The finance and capital strategies board approved the Lawrence Livermore National Laboratory’s Directed Research and Development program’s long-range development plan – which includes its expected land use and sustainability goals. The program allows for higher-risk projects such as innovative 3D printing technology and the evaluation of large language models, according to the laboratory’s website.
The governance committee also approved the appointments of two campus chancellors to Regents committees – UC Riverside Chancellor S. Jack Hu to the academic and student affairs committee and the public engagement and development committee, and UC Santa Barbara Chancellor Dennis Assanis to the finance and capital strategies committee, the public engagement and development committee, the national laboratories committee and the investments committee.
Amendments discussed in the UC Regents’ July meeting to bylaws and standing orders were unanimously approved, including changing the title for lecturers with security of employment to professors of teaching.
The amendments also include updating the name of the Hastings College of the Law to UC Law San Francisco to recognize harm done against Yuki Indians in the Round Valley and Eden Valley Region.
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