HOUSE BILL REPORT

SB 5456

BYSenators von Reichbauer, Moore and Johnson; by request of State Investment Board

Exempting certain financial and commercial information from public disclosure.

House Committe on State Government

Majority Report:  Do pass.  (7)

      Signed by Representatives R. Fisher, Chair; Anderson, Vice Chair; Hankins, Morris, O'Brien, Rector and Sayan.

House Staff:Barbara McLain (786-7135)

AS REPORTED BY COMMITTEE ON STATE GOVERNMENT MARCH 16, 1989

BACKGROUND:

The 14 member State Investment Board has responsibility for making long- term investments of public trust and retirement funds.  The main funds invested are the six retirement system funds, industrial insurance trust funds, and a group of smaller permanent funds established at statehood, such as the permanent common school fund.

The records and meetings of the State Investment Board are subject to the public disclosure laws and the Open Public Meetings Act.  While these statutes limit public access to specific types of information under certain circumstances, the information used by the board for investment decision-making is not exempt from disclosure.

SUMMARY:

Financial and commercial information supplied to the State Investment Board relating to the investment of public trust or retirement funds is exempt from public disclosure if disclosure would result in loss to the funds or in private loss to the providers of the information.

Meetings of the State Investment Board that involve financial and commercial information relating to the investment of public trust or retirement funds are exempt from the Open Public Meetings Act when public knowledge regarding the discussion would result in loss to the funds or in private loss to the providers of the information.

Fiscal Note:      Not Requested.

House Committee ‑ Testified For:    None Presented.

House Committee - Testified Against:      None Presented.

House Committee - Testimony For:    None Presented.

House Committee - Testimony Against:      None Presented.