HB2771 H GO AMT 2-20
Thompson 3192

H. B. 2771 -- "A BILL to amend and reenact §5-10D-3 of the Code of West Virginia, 1931, as amended; to amend and reenact §12- 6-1a, §12-6-2, §12-6-4, §12-6-5, §12-6-9c, §12-6-12 and §12-6-14 of said code; and to amend said code by adding thereto a new section, designated §12-6-18, all relating to the West Virginia Investment Management Board; requiring joint annual meeting of the Consolidated Public Retirement Board with the Investment Management Board chaired by the Governor; expanding the definition of the term "securities"; modifying the type and amount of bonds or insurance coverage required to be obtained and maintained by the Investment Management Board; authorizing the establishment and maintenance of a self-insurance account in connection with the procurement and maintenance of insurance coverage by the Investment Management Board; clarifying that the statutorily enumerated investment powers of the board are illustrative rather than restrictive; modifying provisions relating to authority of the board to make certain investments in investment companies or trusts registered under the Investment Company Act of 1940; eliminating restrictions and limitations on permissible investments by the Investment Management Board; providing an exemption from disclosure under the Freedom of Information Act to the extent that such disclosure is prohibited, restricted or limited by standard confidentiality agreements, policies or procedures of firms, companies or organizations through which the Investment Management Board invests; requiring reports to include operational costs and administrative costs and salaries; requiring reports to the Joint Committee on Government and Finance; authorizing Legislature to commission performance audits, reviews and studies; and specifying that the provisions of the article are to be liberally construed to effect the purposes of the article."