No conflict of interest for Grocott
Daily News Staff Writer
June 15, 2005
San Carlos Vice Mayor Matt Grocott’s stock holdings in Varian Medical do not make him liable for conflict of interest, according to the city’s attorney.
Varian Medical once owned the site near Holly and Industrial roads now being eyed by the Palo Alto Medical Foundation for a new facility in San Carlos. City officials are in ongoing talks with PAMF and will eventually approve or deny the foundation’s development plans.
Last month, Grocott was called to task for not disclosing his stock holdings, including those in Varian, to the City Clerk’s office.
According to the California Fair Political Practices Committee, publicly traded companies must show that they will gain or lose a minimum of $200,000 from an action before their stakeholders face a conflict-of-interest issue.
“It does not appear that Varian Medical has any remaining interest in the property,” Lanzone said. He learned the information from Alan Palter, an attorney for Varian.
Grocott’s stock disclosures became the focus of several media reports and a public discussion among City Council members at a meeting May 9.
The Vice Mayor had submitted a California Form 700 — a statement of economic interests — with San Mateo County when he became a member of the library joint powers authority. He thought that filing was sufficient, because the county has a larger jurisdiction than the city.
On May 13, he disclosed his holdings with San Carlos.
According to his paperwork, Grocott owns more than $10,000 in shares in Cisco Systems, UBS and Varian Medical. His holdings in Altria, Adobe Systems, Clorox, Dell Computer, Dow Chemical, Ingersoll Rand and General Electric are less than $10,000 each, and he owns an unknown number of shares in Chevron Texaco.
He is also a shareholder with his own firm, Grocott Design, and his wife owns more than $10,000 in shares in UBS.
This article originally appeared in the San Mateo Daily News.