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Board of Investments opposes bill that would bar state investment in securities not subject to PCAOB audits
Summary
Senate Bill 459 would require divestment from securities listed in jurisdictions where the Public Company Accounting Oversight Board (PCAOB) cannot conduct oversight. The board’s executive director said the change could impose costs, conflict with constitutional fiduciary duties and require new reporting and segregation of assets.
Sen. Ken Bogner opened the hearing on Senate Bill 459 by telling the committee the bill would ensure Montana public funds are invested in securities for which public audits are available under the Public Company Accounting Oversight Board.
Dan Villa, executive director of the Montana Board of Investments, testified in opposition. Villa told the committee the board manages multiple…
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