Free Speech Rights and Fiduciary Duties: A Governance Challenge for Retirement System Trustees

Los Angeles County Employees Retirement Association Meeting
04.14.2021, 05.05.2021

On April 14, 2021 and May 5, 2021, Ashley Dunning and Peter Mixon presented "Free Speech Rights and Fiduciary Duties: A Governance Challenge for Retirement System Trustees" to the Los Angeles County Employees Retirement Association (LACERA) Board of Investments and Board of Retirement.

During this presentation, Ashley and Peter discussed the careful balance of the fiduciary responsibilities and certain corresponding free speech limitations that may be placed upon public pension trustees when they enter government service at public retirement board trustees. They concluded the session with an examination of LACERA's current policies on external communications and engaged in a dynamic discussion with attendees about Board members' fiduciary responsibilities, inquiry and oversight rights and obligations, free speech rights as private citizens, and governance considerations with respect to the retirement system.

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