Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Governance Compliance topic
No spam. Unsubscribe anytime.
Board counsel briefs Sarasota pension trustees on new ESG reporting rule and upcoming disability hearing
Summary
Board counsel told trustees about a 2023 law requiring periodic reporting on environmental, social and governance (ESG) considerations and outlined the process and likely timing for a formal disability hearing for a member (Pangalo).
Board counsel briefed the Sarasota Police Officers Pension Board of Trustees on new reporting requirements tied to environmental, social and governance (ESG) factors and on scheduling for a pending disability claim.
Counsel said a 2023 change in state law imposes reporting requirements for public pension plans about how ESG factors are considered in investment decisions. The law requires plans to file a comprehensive report with the division of retirement by Dec. 15, 2023 and then every odd-numbered year thereafter; counsel said the board must file during the upcoming December filing cycle. Counsel and staff worked with peer counsel and the division’s staff to agree on a memo form that satisfies the division’s expectations, and the plan’s secretary-treasurer was expected to file the report in early November.
On the disability case of a member identified as Pangalo, counsel said the matter remains pending and will be scheduled for a formal administrative hearing — likely in February or March of the next calendar year — once counsel and representatives are ready. Counsel described the hearing process: opening statements, presentation of evidence by each side (which may include deposition transcripts and live testimony), and a public deliberation and decision by the trustees. Counsel said trustees will receive a memo explaining the applicable disability standards and legal issues in advance of the formal hearing.
