A 3840 S 396: Forbids members of the State Investment Council from voting on transactions concerning investment with which a member has certain financial or familial conflicts and requires removal for violations thereof.”

A 3840 S 396

Forbids members of the State Investment Council from voting on transactions concerning investment with which a member has certain financial or familial conflicts and requires removal for violations thereof

NJEA supports A-3840 (Armato, Mazzeo)/S-396 (Pennacchio, Corrado).  This legislation forbids members of the State Investment Council from voting on transactions concerning investment with which a member has certain financial or familial conflicts and requires a member to be removed from the council for votes cast in violation of that restriction.

The appearance of a conflict of interest is present if there is a potential for the personal interests of a trustee to clash with their fiduciary duties as a member of the State Investment Council.  This legislation will protect the public interest by specifying when a trustee must refrain from voting on a transaction.

NJEA asks you to support A-3840/S-396.

Text of bill A-3840

Text of bill S-396

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