(1) If the Public Utility Commission requires funds collected pursuant to ORS § 757.054, through natural gas tariffs or through public purpose charges pursuant to ORS § 757.612 to be paid to a nongovernmental entity, the entity shall:

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(a) Include on the entity’s board of directors an ex officio member designated by the commission, who shall also serve on the entity’s nominating committee for filling board vacancies.

(b) Require the entity’s officers and directors to provide an annual disclosure of economic interest to be filed with the commission on or prior to April 15 of each calendar year for public review in a form similar to the statement of economic interest required for public officials under ORS § 244.060.

(c) Require the entity’s officers and directors to declare actual and potential conflicts of interest at regular meetings of the entity’s governing body when such conflicts arise, and require an officer or director to abstain from participating in any discussion or voting on any item where that officer or director has an actual conflict of interest. For the purposes of this paragraph, ‘actual conflict of interest’ and ‘potential conflict of interest’ have the meanings given those terms in ORS § 244.020.

(d) Annually, arrange for an independent auditor to audit the entity’s financial statements, and direct the auditor to file an audit opinion with the commission for public review.

(e) With public utilities, jointly develop public utility-specific budgets, action plans and agreements that detail the entity’s public utility-specific planned activities, resources and technologies pursuant to ORS § 757.054 and 757.612 (3)(b)(B), including coordinated activities that require joint investment and deployment. Each action plan must reflect stakeholder feedback gathered through a public process managed by the entity and the relevant public utility as overseen by the commission.

(f) File with the commission the entity’s budget, action plan and quarterly and annual reports for public review. The entity’s budget and action plan must include the budget and action plans jointly developed with public utilities under paragraph (e) of this subsection.

(g) At least once every five years, contract for an independent management evaluation to review the entity’s operations, efficiency and effectiveness, and direct the independent reviewer to file a report with the commission for public review.

(2) The commission may remove from the board of directors of a nongovernmental entity an officer or director who fails to provide an annual disclosure of economic interest, or who fails to declare an actual or potential conflict of interest, as described in this section, if the failure is connected to the allocation or expenditure of funds collected pursuant to ORS § 757.054, through natural gas tariffs or through public purpose charges pursuant to ORS § 757.612 and paid to the entity. [2021 c.547 § 9]