Recent Event Highlights: Scott Romney reappointed to MSU College of Law Board of Trustees, Third Bain investment, Scott Romney loses re-election, Second Bain investment, First Bain investment, Scott Romney is elected to the MSU Board of Trustees, and 1 more...
The board voted a third time during Scott Romney's tenure to invest $15 million in Brookside Cayman, Limited stocks offered by Bain Capital. Less than a month of his term remaining, Scott Romney voted along with the board to make the investment.
The board again voted to approve Bain as an investment manager, approving an investment of about $7.3 million in a European Bain fund. Scott Romney abstained from this vote "due to his investments in certain Bain funds," according to the meeting's minutes.
The Board of Trustees voted to recommend a $20 million private equity investment into Bain Capital, a private equity and venture capital firm cofounded by Mitt Romney in 1984. The board's investment advisor, Cambridge Associates, recommended the investment based on Bain's "differentiated strategy" and an "excellent performance record." Scott Romney was absent from this vote.
Former Republican Gov. John Engler appointed Scott Romney, a 1966 MSU graduate, to the Board of Trustees in August 2000 after a Democratic trustee resigned. He formally was elected to an eight-year term on the board three months later, gaining one of two open seats by a close 1 percent margin.