HOUSE BILL REPORT

EHB 1395

BYRepresentatives R. Fisher, McLean, Anderson, Nealey and Wolfe; by request of State Investment Board

Exempting certain financial and commercial information from public disclosure.

House Committe on State Government

Majority Report:  Do pass with amendment.  (10)

      Signed by Representatives R. Fisher, Chair; Anderson, Vice Chair; McLean, Ranking Republican Member; Hankins, R. King, Morris, O'Brien, Rector, Sayan and Silver.

House Staff:Barbara McLain (786-7135)

AS PASSED HOUSE MARCH 6, 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:      No Impact.

House Committee ‑ Testified For:    David Weig, State Investment Board.

House Committee - Testified Against:      None Presented.

House Committee - Testimony For:    These exemptions would provide the Investment Board an opportunity to review sensitive financial information which, if disclosed, could lead to a loss for the trust and retirement funds, or could lead to financial analysts refusing to allow the Board to consider their information for fear of personal loss.

House Committee - Testimony Against:      None Presented.