FIDUCIARY DUTY OF STATE INVESTMENT BOARD

<< All News

November 11, 2021


Request: With regard to investing the legacy fund, can the State Investment Board comply with House Bill 1425’s (2021) Section 2 preference for in-state investment firms and financial institutions without breaching its fiduciary duty?

Conclusion: Provided that in-state investment firms and financial institutions are qualified, and investment decisions are otherwise consistent with the prudent investor rule, the State Investment Board may comply with the Section 2 preference when investing the legacy fund without breaching its fiduciary duty.

Opinion 2021-L-03

<< All News