Monday, December 23, 2013

A Blind Trust?

UC and the California Public Records Act:

University of California Need Not Disclose Venture Returns: Court
includes this:
"Peter Scheer, executive director of the First Amendment Coalition, a nonprofit group, said the ruling created a loophole for groups wishing to avoid public disclosure requirements. Such groups could simply make an arrangement to not take physical possession of pertinent information, he said, leading to manipulation of public records law.

Scheer's group sued the California Public Employees' Retirement System over fee disclosure in 2004. Calpers eventually agreed to disclose the fees."

DailyCal: UC not required to disclose venture capital information, court rules

“They wanted to reach through the university for their own commercial interests,” said UC spokesperson Dianne Klein. “Reuters couldn’t get the information from the (venture capital firms), so they came to us under the CPRA.”
...
Following the ruling, the two firms ceased providing the university with fund-specific information and stopped inviting the regents to invest in new funds for several years.

“(Venture capital firms) basically shut us out,” Klein said. “But after intensive negotiations with these two companies, they told us that we could invest in them on the condition that they would not give us these proprietary and confidential documents.”

Since the 2003 ruling, the university no longer possesses fund-specific information. Klein said the regents continue to receive aggregate information on a regular basis to understand how the university’s investments are faring.


Bloomberg coverage here and more views on it here.

Bay Citizen flashback : In Investment Votes, UC Skirts Own Review Policy

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