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Health Service Board begins formal review of fiduciary duties and investment policy for trust assets
Summary
The Health Service System Board heard legal guidance on fiduciary standards and whether to formally adopt the Treasurer's investment policy after reserves grew to over $70 million; counsel recommended outside expertise and adopting a written investment policy statement to clarify the Board's role.
The Health Service System Board took the first formal step toward clarifying how it will oversee its trust fund assets, hearing a legal briefing that framed the core question as whether to adopt the San Francisco Treasurer's investment policy or chart another course.
Eric Rapoport, counsel to the Board, told commissioners he intended the session to answer two basic legal questions: "First, what is the fiduciary standard that applies to the Health Service Board's oversight of trust fund assets?" and "Second, is it appropriate for the Health Service Board to continue to leave trust fund assets invested with the San Francisco Treasurer's Office?" He cautioned the presentation was forward-looking and hypothetical, not a…
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