South Carolina Code 59-153-80. Meetings in executive session, records exempt from disclosure where necessary
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(A) Meetings by the board while acting as trustee of the endowment fund or by its fiduciary agents to deliberate about, or make tentative or final decisions on, investments or other financial matters may be in executive session if disclosure of the deliberations or decisions would jeopardize the ability to implement a decision or to achieve investment objectives.
(B) A record of the board or of its fiduciary agents that discloses deliberations about, or a tentative or final decision on, investments or other financial matters is exempt from the disclosure requirements of Chapter 4 of Title 30, the Freedom of Information Act, to the extent and so long as its disclosure would jeopardize the ability to implement an investment decision or program or to achieve investment objectives.
Terms Used In South Carolina Code 59-153-80
- Board: means the Board of Trustees of the respective institution of higher learning acting as trustee of the endowment system. See South Carolina Code 59-153-10
- Executive session: A portion of the Senate's daily session in which it considers executive business.
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means a person who:
(a) exercises any authority to invest or manage assets of a system;
(b) provides investment advice for a fee or other direct or indirect compensation with respect to assets of a system or has any authority or responsibility to do so; or
(c) is a member of the board of trustees of the respective institution when it acts as trustee for the endowment system. See South Carolina Code 59-153-10 - Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC