In 1945, the California Legislature created a board of directors to guide the work of State Compensation Insurance Fund.
The Board of Directors makes sensitive decisions involving investments, marketplace competition, company solvency, fraud investigations, and other issues.
Legislation passed in 2008 (AB1874) expands State Fund’s Board of Directors from 5 to 11 voting members. Having 11 members allows the board to more effectively staff important subcommittees. The Governor appoints nine members, including one from organized labor, and names the chairperson. The Speaker of the Assembly appoints one member who represents organized labor, and the Senate Committee on Rules appoints one member. The board also includes the Department of Industrial Relations Director as a non-voting “ex-officio” member.
AB1874 mandates board training, requires board members to sign financial conflict of interest statements, and provides board members $50,650 in annual compensation to help attract and retain highly qualified candidates.
Additional legislation (SB1145) made State Fund’s board meetings subject to the Bagley-Keene Open Meeting Act. These changes provide greater accountability and serve as an important step toward increased transparency and strengthened corporate governance.
The board meets six times a year in San Francisco. In compliance with Bagley-Keene parts of the meetings are held in open session and the public is welcome to attend. State Fund will post meeting agendas on our website 10 days prior to scheduled meetings.