SB 2316

Present law establishes a 22-member board of directors for the Tennessee technology development corporation, which includes the following 21 appointees: (1) Three representatives of the private sector appointed by the governor; (2) Two representatives of the private sector appointed by the speaker of the house of representatives (3) Two representatives of the private sector appointed by the speaker of the senate; (4) Seven representatives from the private sector nominated by the board of directors' nominating committee and approved by majority vote of the board of directors; (5) Three representatives of the public sector appointed by the governor; (6) Two representatives of the public sector appointed by the speaker of the house of representatives; and (7) Two representatives of the public sector appointed by the speaker of the senate. Effective July 1, 2026, this bill vacates and reconstitutes the board as a 12-member board that includes the following 11 appointees: (1) Three representatives of the private sector appointed by the governor; (2) Two representatives of the private sector appointed by the speaker of the house of representatives; (3) Two representatives of the private sector appointed by the speaker of the senate; (4) Two representatives of the public sector appointed by the governor; (6) One representative of the public sector appointed by the speaker of the house of representatives; and (7) One representative of the public sector appointed by the speaker of the senate. The full text of this bill specifies various organizational and administrative requirements for the reconstituted board, which are substantially similar to the present law requirements for the board. This bill extends the Tennessee technology development corporation to June 30, 2028. ON MARCH 30, 2026, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 2178, AS AMENDED. AMENDMENT #1 makes the following changes:  Increases the number of members on the reconstituted board of directors from 12 to 15 members.  Increases the number of board members that must be appointed from the private sector from seven to 10. Two such members must be appointed by the governor; one must be appointed by the speaker of the house of representatives; one must be appointed by the speaker of the senate; and six must be nominated and approved by the board of directors. For the six, e ach of the nominees must be approved by a majority vote of the board of directors.  Requires the appointing authorities to strive to ensure the board members equally represent persons from each of the three grand divisions of this state.  Requires the board of directors to meet four times per calendar year and the executive committee to meet as needed.