SENATE 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.
Senate Committee on Financial Institutions & Insurance
Senate Hearing Date(s):January 27, 1989
Majority Report: Do pass.
Signed by Senators von Reichbauer, Chairman; Johnson, Vice Chairman; McCaslin, Matson, Moore, Rasmussen, Sellar, Smitherman, West.
Senate Staff:Walt Corneille (786-7416)
February 20, 1989
AS PASSED SENATE, FEBRUARY 20, 1989
BACKGROUND:
The law pertaining to disclosure of public records contains exemptions for certain personal and other sensitive records. Those exemptions currently number 23. There is no exemption for financial or commercial information received by the State Investment Board relating to public trust or retirement funds.
The Open Public Meetings Act provides for circumstances when a governing body may hold an executive session or special meeting. Currently ten circumstances exist that allow executive or special meetings.
Often, the State Investment Board in making its decisions must come into possession of sensitive commercial information. Disclosure could result in a loss to the providers of the information which may contain trade secrets. Disclosure could also result in a loss to the funds managed by the State Investment Board.
SUMMARY:
If it relates to the investment of public trust or retirement funds and would result in a loss to the provider of the information, financial and commercial information supplied to the State Investment Board is exempt from public disclosure.
The State Investment Board may hold executive session to consider financial and commercial information if it relates to the investment of public trust or retirement funds and public knowledge would result in a loss to the funds or to the providers of the information.
Appropriation: none
Revenue: none
Fiscal Note: none requested
Senate Committee - Testified: David Weig, State Investment Board (pro)