The ballot initiative approved by 59 percent of voters November 2, 2004, called for the establishment of a new state agency to make grants and loans for stem cell research, research facilities, and other vital research opportunities. It established the Independent Citizen’s Oversight Committee as the governing board. The 29 members of that board represent diverse expertise from California’s leading public and private universities, non-profit hospitals, other research institutions, patient advocacy groups and biotechnology ventures. Three subcommittees, Governance, Finance and Legislative, aid the efficiency of the board’s deliberations. The board also gets guidance from two task forces, one on loans for biotech companies and one on intellectual property, as well as from three working groups delving into ethical standards, grants review and facilities.