The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise:

“Alternative investments.” An investment in a private equity fund, private debt fund, venture fund, real estate fund, hedge fund or absolute return fund.

“Belarus.” The Republic of Belarus.

“Board.” As defined in section 102 of the act of February 1, 1974 (P.L. 34, No. 15),¹ known as the Pennsylvania Municipal Retirement Law, 24 Pa.C.S. § 8102 (relating to definitions) or 71 Pa.C.S. § 5102 (relating to definitions).

“Company.” Any sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company or other entity or business association that exists for the purpose of making a profit.

“Direct holdings.” All securities of a company, the government of Russia or the government of Belarus that are held directly by the public fund.

“Foreign company.” Any entity which is not organized under the laws of the United States.

“Government of Belarus.” The government of Belarus and its political subdivisions and the instrumentalities and companies owned or controlled by the government of Belarus or its political subdivisions.

“Government of Russia.” The government of Russia and its political subdivisions and the instrumentalities and companies owned or controlled by the government of Russia or its political subdivisions.

“Indemnitee.” Each current or former board member, duly appointed designee of a board member, officer, employee, including, without limitation, the attorneys in the Office of Chief Counsel that serve a public fund, agent, research firm or investment manager of a public fund who was or is a party to, or is threatened to be made a party to or is otherwise involved in, any proceeding by reason of the fact that the person is or was a board member, designee of a board member, officer, employee, agent, research firm or investment manager of a public fund.

“Indirect holdings.” All securities held in an account or fund such as a mutual fund managed by one or more persons not employed by a public fund, in which the public fund owns shares or interests together with other investors.

“Public fund.” Any of the following:

“Russia.” The Russian Federation.

“Sanctioned Belarusian company.” Any foreign company that has been sanctioned under the authority of Exec. Order No. 13405, 71 Fed. Reg. 35485 (June 16, 2006) or Exec. Order No. 14038, 86 Fed. Reg. 43905 (Aug. 9, 2021).

“Sanctioned Russian company.” Any foreign company that has been sanctioned under the authority of Exec. Order No. 14024, 86 Fed. Reg. 20249 (Apr. 15, 2021), Exec. Order No. 14039, 86 Fed. Reg. 47205 (August 20, 2021) or Exec. Order No. 14066, 87 Fed. Reg. 13625 (March 8, 2022).

“Scrutinized company.” A foreign company which is domiciled in or organized under the laws of Russia or Belarus. The term includes sanctioned Russian companies and sanctioned Belarusian companies.