Retirement system not liable

From _?_ to John Curry, June 9, 2007
Subject: Re: Retirement system not liable...more info

John,

This is the section in the Ohio Bill that exempts STRS and board members from fuduciary responsibility.

In H.B. 151, Sec. 137.08.

A public investor is not liable for breach of the public's investor's fiduciary duty to the public fund for which that public investor has the authority to invest assets if the public investor complies in good faith with the requirements of this chapter. If the public investor made determinations in good faith regarding the status of a company as required under this chapter, the members are not liable in an action for libel or slander. All former, present, or future public investors and members of any boards of all public investors and all officers, employees, agents of such boards shall be indemnified, whether jointly or severally, for all claims, demands, suits, actions, damages, judgments, costs, charges, expenses, including court costs and attorney's fees, and against all liability, losses and damages of any nature that such board members, officers, employees, or agents may incur by reason of any decision to restrict, reduce, or eliminate investments in companies doing business with Iran or Sudan.

There's more but I think this is enough to explain why it has been so easy to get retirement directors and board members to acquiesce to the demands of the legislators.