(a) The board shall adopt rules governing the waiver of the conflict-of-interest requirements of this subchapter under exceptional circumstances for a board member or commission employee. The rules must:
(1) authorize the executive director or a board member to propose granting a waiver by submitting to the presiding officer of the board a written statement about the conflict of interest, the exceptional circumstance requiring the waiver, and any proposed limitations to the waiver;
(2) require a proposed waiver to be publicly reported at a meeting of the board;
(3) require a majority vote of the board members present and voting to grant a waiver; and
(4) require the commission to retain documentation of each waiver granted.
(b) The board shall adopt rules governing the investigation and consequences of unreported conflicts of interest.