2017 ORS 293.825¹
Policy for engagement with investment managers with investments in scrutinized companies

(1) Consistent with fiduciary standards, including the provisions of ORS 293.721 (General objective of investments) and 293.726 (Standard of judgment and care in investments), the State Treasurer shall adopt a statement of policy that describes a process of engagement with managers who:

(a) Are engaged by the Oregon Investment Council or the State Treasurer for the active management of investment funds consisting of the Public Employees Retirement Fund referred to in ORS 238.660 (Fund generally) through the purchase and sale of publicly traded equities; and

(b) Have invested such funds in scrutinized companies.

(2) The policy required under subsection (1) of this section must require the State Treasurer, to the extent practicable, to identify and send a written notice to the managers described in subsection (1) of this section. The notice shall encourage the managers, consistent with fiduciary standards, including the provisions of ORS 293.721 (General objective of investments) and 293.726 (Standard of judgment and care in investments), to:

(a) Notify scrutinized companies with which the managers have made investments of the State Treasurer’s policy adopted pursuant to subsection (1) of this section; and

(b) Not later than 90 days after giving the notice, end investments in the scrutinized companies and avoid future investments in the scrutinized companies, as long as the managers may do so without monetary loss through reasonable, prudent and productive investments in companies generating returns that are comparable to the returns generated by the scrutinized companies.

(3) A notice provided by a manager to a scrutinized company under subsection (2) of this section shall advise the scrutinized company that the company may comment in writing to the State Treasurer to dispute the identification of the company as a scrutinized company.

(4) If the State Treasurer determines under subsection (3) of this section that a company is not a scrutinized company, the State Treasurer shall notify the relevant manager of the State Treasurer’s determination.

(5) The State Treasurer shall advise the Oregon Investment Council of a notice the State Treasurer provides under subsection (2) of this section if the manager to whom the notice was given has not informed the State Treasurer within 180 days after the date the notice was given that the manager has ended the manager’s investment in scrutinized companies or plans to divest from its investment in scrutinized companies. [2013 c.722 §70]

Chapter 293

Atty. Gen. Opinions

Duty or authority of Secretary of State to con­duct performance audits, (1985) Vol. 44, p 381

1 Legislative Counsel Committee, CHAPTER 293—Administration of Public Funds, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors293.­html (2017) (last ac­cessed Mar. 30, 2018).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2017, Chapter 293, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano293.­html (2017) (last ac­cessed Mar. 30, 2018).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.