STAND.
COM. REP. NO. 331
Honolulu, Hawaii
, 2021
RE: H.B. No. 930
H.D. 1
Honorable Scott K. Saiki
Speaker, House of Representatives
Thirty-First State Legislature
Regular Session of 2021
State of Hawaii
Sir:
Your Committee on Labor & Tourism, to which was referred H.B. No. 930 entitled:
"A BILL FOR AN ACT RELATING TO EMPLOYEES' RETIREMENT SYSTEM INVESTMENTS,"
begs leave to report as follows:
The purpose of this measure is to exempt certain specific types of alternative investment fund information from disclosure under Chapter 92F, Hawaii Revised Statutes, because the disclosure of this information would put the Employees' Retirement System at a competitive disadvantage and frustrate its legitimate government investment functions.
Your Committee finds
that this measure provides a limited exemption from disclosure of specific
types of investment fund information under the Uniform Information Practices
Act to enable the Employees' Retirement System to maintain the confidentiality
of information relating to alternative investments, such as investments in
private equity, private credit, and private real estate funds, consistent with
competitive investment market best practices.
Your Committee further finds this exemption to be reasonably limited and
specific, consistent with the Office of Information Practices' testimony that
the records would likely fall under the Uniform Information Practices Act's
frustration exception to disclosure and would, therefore, not restrict public
access to a type of record that has historically been public under the Uniform
Information Practices Act.
Your
Committee has amended this measure by:
(1) Changing the effective date to December 25,
2040, to encourage further discussion; and
(2) Making technical, nonsubstantive amendments
for the purposes of clarity, consistency, and style.
As affirmed by the record of votes of the members of your Committee on Labor & Tourism that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 930, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 930, H.D. 1, and be referred to your Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Labor & Tourism,
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____________________________ RICHARD H.K. ONISHI, Chair |
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