Source: https://www.oregonlaws.org/ors/2007/293.726
Timestamp: 2020-02-29 10:52:06
Document Index: 732505901

Matched Legal Cases: ['§7', '§1', '§1', '§12', '§1', '§1', '§1', '§59', '§1', '§2', '§22', '§5', '§1', '§ 293']

ORS 293.726 - Standard of judgment and care in investments - 2007 Oregon Revised Statutes
2007 ORS Vol. 7 Chapter 293 Section 293.726
293.706
Oregon Invest­ment Council
293.711
Compensa­tion and expenses of council members
When compensa­tion of council member as director of business prohibited
293.716
State Treasurer is invest­ment of­fi­cer for council
293.718
Pay­ment of expenses of State Treasurer
293.721
General objective of invest­ments
293.723
Discrete invest­ment of moneys
Standard of judg­ment and care in invest­ments
293.731
Council to formulate and review invest­ment policies
293.733
Venture capital invest­ments
293.734
Report on venture capital invest­ments
293.736
Duties of invest­ment of­fi­cer
Council may contract with others to perform invest­ment of­fi­cer func­tions
Opinion of bond attorney or Attorney General
293.751
Custody of title instru­ments
293.756
Separate accounting for funds
293.761
Reports by invest­ment of­fi­cer with respect to funds
Monthly reports by invest­ment of­fi­cer to council
293.771
Reports by council to Governor and legislature
Examina­tion and audit of invest­ment program
293.778
Invest­ment holding companies
Group annuity contracts with insurers on behalf of Public Employees Retire­ment System and Board
Holding, investing and disposing of corporate stock
293.796
Findings re­gard­ing venture capital for new businesses
2007 ORS 293.726¹
Standard of judgment and care in investments
• investment in corporate stock
(1) The investment funds shall be invested and the investments of those funds managed as a prudent investor would do, under the circumstances then prevailing and in light of the purposes, terms, distribution requirements and laws governing each investment fund.
(2) The standard stated in subsection (1) of this section requires the exercise of reasonable care, skill and caution, and is to be applied to investments not in isolation but in the context of each investment fund’s investment portfolio and as a part of an overall investment strategy, which should incorporate risk and return objectives reasonably suitable to the particular investment fund.
(3) In making and implementing investment decisions, the Oregon Investment Council and the investment officer have a duty to diversify the investments of the investment funds unless, under the circumstances, it is not prudent to do so.
(4) In addition to the duties stated in subsection (3) of this section, the council and the investment officer must:
(a) Conform to the fundamental fiduciary duties of loyalty and impartiality;
(b) Act with prudence in deciding whether and how to delegate authority and in the selection and supervision of agents; and
(c) Incur only costs that are reasonable in amount and appropriate to the investment responsibilities imposed by law.
(5) The duties of the council and the investment officer under this section are subject to contrary provisions of privately created public trusts the assets of which by law are made investment funds. Within the limitations of the standard stated in subsection (1) of this section and subject to subsection (6) of this section, there may be acquired, retained, managed and disposed of as investments of the investment funds every kind of investment which persons of prudence, discretion and intelligence acquire, retain, manage and dispose of for their own account.
(6) Notwithstanding subsection (1) of this section, not more than 50 percent of the moneys contributed to the Public Employees Retirement Fund or the Industrial Accident Fund may be invested in common stock, and not more than 65 percent of the moneys contributed to the other trust and endowment funds managed by the Oregon Investment Council or the State Treasurer may be invested in common stock.
(7) Subject to the standards set forth in this section, moneys held in the Deferred Compensation Fund may be invested in the stock of any company, association or corporation, including but not limited to shares of a mutual fund. Investment of moneys in the Deferred Compensation Fund is not subject to the limitation imposed by subsection (6) of this section. [1967 c.335 §7; 1971 c.53 §1; 1973 c.385 §1; 1981 c.880 §12; 1983 c.456 §1; 1983 c.466 §1; 1987 c.759 §1; 1993 c.18 §59; 1993 c.75 §1; 1997 c.129 §2; 1997 c.179 §22; 1997 c.804 §5; 2005 c.294 §1]
"Prudent man" rule as applied to divestiture of stocks in companies doing business in Southern Africa, (1978) Vol 38, p 2017; public official entering into standby or forward commit­ments to purchase securities, (1980) Vol 40, p 295; local govern­ments investing deferred compensa­tion in guaranteed annuity contracts, (1980) Vol 40, p 333; time deposits in mutual savings bank or state or federal savings and loan associa­tion of state moneys from Oregon Excess Fund, (1980) Vol 40, p 495
74 OLR 1031 (1995)
§§ 293.701 (Definitions for ORS 293.701 to 293.820) to 293.776 (Examination and audit of investment program)
Effect of Board of Higher Educa­tion order directing divestiture of stock in companies doing business in Southern Africa, (1978) Vol 38, p 2017; State Treasurer authority to enter into reverse repurchase agree­ments, (1979) Vol 39, p 569; real estate holdings through invest­ment for Oregon Public Employes' Retire­ment Fund, (1981) Vol 41, p 503; Statutory and fiduciary duties of treasurer and Or. Invest­ment Council to PERF, (1993) Vol 46, p 506
286A.145
Federal taxa­tion of bond interest
293.814
Invest­ment in companies doing business in Sudan
348.703
Manage­ment and invest­ment of moneys in account
411.575
Acceptance of gifts and grants for scholarships
Willingness to make residential loans factor in selecting depositaries
1 Legislative Counsel Committee, CHAPTER 293—Administration of Public Funds, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­293.­html (2007) (last ac­cessed Feb. 12, 2009).
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 293, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­293ano.­htm (2007) (last ac­cessed Feb. 12, 2009).