FL S0508

Establishes fiduciary duty of care standards for appointed public officials and executive officers of governmental entities, requiring them to act in accordance with applicable laws, exercise reasonable prudence, stay informed on entity affairs, and maintain oversight of delegated authority.

Requires 5 hours of board governance training for each term served beginning January 1, 2023, with existing officials completing training by term expiration and newly appointed officials completing within 180 days of appointment.

Directs Department of Business and Professional Regulation to contract for or approve board governance training programs covering corporate governance principles, fiduciary duties, financial accounting, and executive officer responsibilities; allows in-house counsel to provide training for governmental entities with annual revenues under $300,000.

Requires appointed officials and executive officers to certify completion of training and compliance with applicable laws and fiduciary duties within 30 days of training completion.

Exempts governmental entities with annual revenues under $100,000, individuals holding elected office in another capacity, and those completing similar fiduciary duty training under other state law from training requirements.