Public Excluded from Mystery Meeting Involving Financial Scrutiny of the $12 Billion California Stem Cell Agency

Malia M. Cohen, California state controller

The chief fiscal officer of the state of California conducted a mystery meeting today examining the finances and future of the state’s ambitious, $12 billion cell and gene therapy program. 

Mystery because the session was not open to the public and was likely a violation of the state open meetings law. The session covered more than trivial matters and included an audit that identified problems at the research program ranging from employee morale and an excessively large governing board to pay inequality and royalty income issues. 

Today’s meeting involved the Citizens Financial Accountability Oversight Committee (CFAOC), which is the only state entity charged with scrutinizing the finances of the California Institute for Regenerative Medicine (CIRM), the official name of the stem cell agency. 

The CFAOC is chaired by state Controller Malia M. Cohen, who is an elected state official and the state’s chief fiscal officer.