Michigan Laws 390.1554a – Records received, prepared, used, or retained by investment fiduciary; confidentiality
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(1) Subject to subsection (2), a record received, prepared, used, or retained by an investment fiduciary in connection with an investment or potential investment of a public university or college that relates to investment information pertaining to a portfolio company in which the investment fiduciary has invested or has considered an investment that is considered by the portfolio company and acknowledged by the investment fiduciary as confidential, or that relates to investment information whether prepared by or for the investment fiduciary regarding loans and assets directly owned by the investment fiduciary and acknowledged by the investment fiduciary as confidential, is exempt from the disclosure requirements of the freedom of information act, 1976 PA 442, MCL 15.231 to 15.246, if at least annually the public university or college provides to its governing board, and makes available to the public, a report of its investments that includes all of the following:
(a) The name of each portfolio company in which the public university or college invested during the reporting period.
Terms Used In Michigan Laws 390.1554a
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
- Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
- Investment: means the utilization of money or other assets in the expectation of future returns in the form of income or capital gain. See Michigan Laws 390.1552
- Investment fiduciary: means a person who exercises any discretionary authority or control over an investment of a public university or college or renders investment advice for a public university or college for a fee or other direct or indirect compensation. See Michigan Laws 390.1552
- Investment information: means information that has not been publicly disseminated or that is unavailable from other sources, the release of which might cause a portfolio company or an investment fiduciary significant competitive harm. See Michigan Laws 390.1552
- Portfolio company: means an entity in which an investment fiduciary has made or considered an investment on behalf of a public university or college. See Michigan Laws 390.1552
- Public university or college: means a university, college, or community college established under section 5, 6, or 7 of article VIII of the state constitution of 1963. See Michigan Laws 390.1552
- Record: means all or part of a writing, as that term is defined in section 2 of the freedom of information act, 1976 PA 442, MCL 15. See Michigan Laws 390.1552
(b) The aggregate amount of money invested by the public university or college in portfolio companies during the reporting period.
(c) The rate of return realized during the reporting period on the investments of the public university or college in portfolio companies.
(d) The source of any public funds invested by the public university or college in portfolio companies during the reporting period.
(2) If a record described in subsection (1) is an agreement or instrument to which an investment fiduciary is a party, only those parts of the record that contain investment information are exempt from the disclosure requirements of the freedom of information act, 1976 PA 442, MCL 15.231 to 15.246.