Section 265-E. Public and financial accountability standards

1. Report. The
  board  shall  issue an annual report to the public, which sets forth its
  activities,   grants   awarded,    grants    in    progress,    research
  accomplishments, and future program directions. Each annual report shall
  include, but not be limited to the following:
    (a) number and dollar amounts of research and facilities grants;
    (b) grantees for the prior year;
    (c) board's administrative expenses;
    (d)  summary  of  research  findings, including promising new research
  areas; and
    (e) strategic plan of the board.
    2. Conflicts of interest. No employee of the board or  member  of  the
  funding  or  ethics  committees shall make, participate in making, or in
  any way attempt to use his or her position to influence  a  decision  to
  approve or award a grant, loan, or contract to:
    (a)  his  or  her  employer  or  relative,  or any entity in which the
  employee, member of the board, or member of the advisory counsel or  the
  relative of any such individual has a financial interest; or
    (b)  an  organization  in  which  such  employee, member of the board,
  member of the advisory counsel, or any relative of any  such  individual
  is an officer, director or partner of such organization.
    3.  Patent  royalties  and license revenues. The board shall establish
  standards that require  that  all  grants  be  subject  to  intellectual
  property  agreements  that  establish  the scope, if any, of the state's
  ownership or other financial interest in the commercialization and other
  benefits  of  the  results,  products,  inventions  and  discoveries  of
  state-funded stem cell research, and shall also include consideration in
  such agreement for amounts of funding from sources other than the state.
    4. Contributions to the board. Notwithstanding any other provisions of
  the   law   to   the  contrary,  the  board  is  authorized  to  receive
  contributions   from   any   governmental   entity,   for   profit   and
  not-for-profit corporation, association or person.