Title 28, Public Financial Administration

The Secretary of State shall from time to time require all persons receiving moneys or securities, or having the disposition or management of any property of the state, of which an account is kept in the office of the Secretary of State, to render statements thereof to the Secret…

All officers and persons required to render annual accounts to the Secretary of State or State Treasurer shall close these accounts on June 30 of each year. [Formerly 291.568]

The biennial report of any state officer or agency required to be submitted to the Legislative Assembly or the Governor shall cover the biennial period closing on June 30 next preceding the odd-numbered year regular session of the Legislative Assembly. [Formerly 291.572; 1967 c.4…

(1) Any report, tax return, remittance to cover a payment or claim for credit or refund required by law to be filed with or made to the state or to a state agency, which is: (a) Transmitted through the United States mail or by private express carrier, shall be deemed filed or rec…

As used in ORS 293.701 to 293.857, unless the context requires otherwise: (1) “Council” means the Oregon Investment Council. (2) “Investment funds” means: (a) Public Employees Retirement Fund referred to in ORS 238.660; (b) Industrial Accident Fund referred to in ORS 656.632; (c)…

(1) There is created the Oregon Investment Council, consisting of five voting members and one nonvoting member. (2) The Governor shall appoint four voting members, subject to Senate confirmation in the manner provided in ORS 171.562 and 171.565. The members appointed by the Gover…

(1) As used in this section: (a) “Business” has the meaning given that term in ORS 244.020. (b) “Business with which the person is associated” has the meaning given that term in ORS 244.020. (c) “Member of the household” has the meaning given that term in ORS 244.020. (d) “Relati…

(1) Except as provided in subsection (2) of this section, a member of the Oregon Investment Council is entitled to compensation and expenses as provided in ORS 292.495. (2) A member of the council who is also a member of the Public Employees Retirement Board is entitled to compen…

The chairperson of the Oregon Investment Council, after consultation with the State Treasurer, shall prescribe continuing education requirements for members of the council. Such continuing education requirements must relate to fiduciary duties, best practices or both. [2017 c.500…

A member of the Oregon Investment Council is prohibited from accepting compensation for service, except per diem and reimbursement for travel expenses, on the board of directors of any business in which the state has an equity interest, other than publicly traded common stock. [1…

(1) Notwithstanding ORS 192.650 (1) and (2), full sound recordings shall be made of every meeting of the Oregon Investment Council. The full sound recordings shall be produced on equipment selected by the Oregon Investment Council for compatibility with equipment for reproduction…

(1) The State Treasurer is the investment officer for the Oregon Investment Council, and shall perform functions in that capacity as authorized or required by law and, consistent with law, by the council. (2) The bond of the State Treasurer required from the State Treasurer by la…

As payment for expenses of the investment officer, the State Treasurer may deduct monthly a maximum of 0.35 basis points of the most recent market value of assets under management for each of the investment funds. However, for the funds described in ORS 293.701 (2)(n), a maximum …

Moneys in the investment funds shall be invested and reinvested to achieve the investment objective of the investment funds, which is to make the moneys as productive as possible, subject to the standard set forth in ORS 293.726. [1967 c.335 §6]

(1) Moneys in a fund established by law may not be discretely invested unless the law establishing the fund specifically indicates that the moneys may be invested. A provision in a law establishing a fund that requires interest earned by the fund to be retained by the fund is not…

(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 s…

(1) The Oregon Short Term Fund is established in the State Treasury as a commingled investment vehicle for investment funds and the moneys described in subsection (2) of this section. Interest earned by the Oregon Short Term Fund shall be credited to the participating investor fu…

Subject to the objective set forth in ORS 293.721 and the standards set forth in ORS 293.726, the Oregon Investment Council shall formulate policies for the investment and reinvestment of moneys in the investment funds and the acquisition, retention, management and disposition of…

(1) In making and implementing investment decisions related to venture capital, the Oregon Investment Council and the investment officer have a duty to look first at Oregon opportunities for diversification unless, under the circumstances, it is not prudent to do so. (2) At any g…

The Oregon Investment Council shall submit an annual report to the Speaker of the House of Representatives and the President of the Senate detailing the investments and commitments made by the council in accordance with ORS 293.733. [2003 c.606 §5] Note: 293.734 was enacted into …

(1) Except as provided in ORS 293.741, in amounts available for investment purposes and subject to the policies formulated by the Oregon Investment Council, the investment officer shall invest and reinvest moneys in the investment funds and acquire, retain, manage, including exer…

The Oregon Investment Council may enter into contracts with one or more persons whom the council determines to be qualified, whereby the persons undertake, in lieu of or in addition to the investment officer, to perform the functions specified in ORS 293.736 to the extent provide…

(1) In the acquisition or disposition of bonds with which approving legal opinions ordinarily are furnished, the investment officer may require an original or certified copy of the written opinion of a reputable bond attorney or attorneys, or the written opinion of the Attorney G…

(1) Except as provided in ORS 293.741 and this subsection, all instruments of title of all investments of the investment funds shall remain in the custody of the investment officer. The investment officer may deposit with one or more custodial agents or banks those instruments of…

The investment officer shall keep, for each fund included in the investment funds for which investments are made, a separate account, which shall record the individual amounts and the totals of all investments of moneys in the fund. [1967 c.335 §13]

(1) The investment officer shall follow generally accepted accounting practices and provide to the officer or body having control and administration of any investment funds any information necessary for financial reporting required by law. (2) The investment officer shall separat…

Not later than 15 days after the last day of each month, the investment officer shall submit to the Oregon Investment Council a report of the investments made during the preceding month. The report shall include a detailed summary of investment, reinvestment, purchase, sale and e…

The Oregon Investment Council shall report to the Governor and Legislative Assembly on the investment funds investment program at each odd-numbered year regular session of the Legislative Assembly and at other times as the council considers in the public interest. [1967 c.335 §16…

The Oregon Investment Council shall provide for an examination and audit of the investment funds investment program, and for submission to the council of a report based on the examination and audit, at least once every four years and at other times as the council may require. The…

(1) The investment officer singly, or jointly with other public or institutional investors, may authorize establishment of investment holding companies, which may be corporations, partnerships or limited liability companies, and placement of investment funds or investments in suc…

The Oregon Investment Council, for and on behalf of the Public Employees Retirement System and Public Employees Retirement Board, may enter into group annuity contracts with one or more insurance companies authorized to do business in this state. In lieu of any investment of mone…

(1) Under authority of Article XI, section 6, of the Oregon Constitution, the state, subject to subsection (2) of this section, may hold and dispose of the stock of any company, association or corporation, including stock already received, that is donated or bequeathed, and the s…

(1) As used in this section: (a) “Related agency” has the meaning given that term in ORS 286A.001. (b) “State government” has the meaning given that term in ORS 174.111. (2) If the State Treasurer, acting as investment officer, or a trustee, investing moneys for a related agency,…

(1) The Legislative Assembly finds that: (a) The availability of venture capital for the start-up and subsequent expansion of new businesses is critical to the continued growth and development of the economy of Oregon. (b) There exists an estimated gap of between $100 million and…

As used in ORS 293.798 to 293.803: (1) “Clean energy” has the meaning given the term “nonemitting electricity” in ORS 469A.400. (2) “Company” means any sole proprietorship, organization, firm, association, corporation, utility, partnership, venture, public franchise, franchisor, …

(1) The Oregon Investment Council and the State Treasurer, in the State Treasurer’s role as investment officer for the council, shall act reasonably and in a manner consistent with ORS 293.721 and 293.726 to try to ensure that moneys in subject investment funds are not invested i…

(1) The Oregon Investment Council and the State Treasurer, in the State Treasurer’s role as investment officer for the council, shall make reasonable efforts to investigate all companies in which the State Treasury has invested or may invest moneys in subject investment funds to …

On or before January 15 of each year, the State Treasurer shall report to the Legislative Assembly in the manner provided by ORS 192.245 on actions taken by the State Treasurer and the Oregon Investment Council pursuant to the provisions of ORS 293.798 to 293.803. Annual reports …

(1) ORS 293.800 (2) to (5) and 293.801 apply only if the Legislative Assembly appropriates sufficient moneys to the State Treasurer, other than moneys described by ORS 293.718 or moneys in subject investment funds, to administer ORS 293.800 (2) to (5) and 293.801. (2) Any costs i…

(1) As used in this section: (a) “Just transition” means efforts to ensure that the transition to a low-carbon economy is fair, collaborative and inclusive. (b) “Scope 1 emissions” means emissions from sources that a firm owns or controls directly. (c) “Scope 2 emissions” means e…

ORS 293.811 to 293.832 may be cited as the Oregon Human Rights and Anti-Genocide Act of 2005. [2005 c.774 §2]

As used in ORS 293.811 to 293.832: (1) “Company” means any sole proprietorship, organization, firm, association, corporation, utility, partnership, venture, public franchise, franchisor, franchisee or its wholly owned subsidiary that exists for profit-making purposes or otherwise…

(1) The people of Oregon condemn the human rights abuses, enslavement and genocide in Sudan and declare these atrocities to be absolutely contrary to the fundamental principles of human rights and standards of justice and individual freedom. (2) The Legislative Assembly finds: (a…

(1) The Oregon Investment Council and the State Treasurer, in the State Treasurer’s role as investment officer for the council, shall act reasonably and in a manner consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, to try to ensure that man…

(1) Consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, 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 fo…

On or before March 15 of each year, the State Treasurer shall make available on the State Treasurer’s website a summary of actions taken during the previous year in accordance with ORS 293.811 to 293.832. The summary shall include a list of identified scrutinized companies. [2013…

ORS 293.825 (2) to (5) and 293.828 apply only if the Legislative Assembly appropriates sufficient moneys to the State Treasurer, other than moneys described by ORS 293.718 or moneys in the Public Employees’ Retirement Fund, to administer ORS 293.825 (2) to (5) and 293.828. [2013 …

As used in ORS 293.837 to 293.847: (1) “Company” means any sole proprietorship, organization, firm, association, corporation, utility, partnership, venture, public franchise, franchisor or franchisee, or its wholly owned subsidiary, that exists for profit-making purposes or other…

(1) The Oregon Investment Council and the State Treasurer, in the State Treasurer’s role as investment officer for the council, shall act reasonably and in a manner consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, to try to ensure that man…

(1) Consistent with fiduciary standards, including the provisions of ORS 293.721 and 293.726, 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 fo…