F. Financial data, trade secrets or proprietary data of private corporations and individuals.

Although the FOIA’s “competitive advantage” exemption protects this information when embodied in the form of records, nothing in the act allows a closed session to discuss such matters. Some statutes, however, give agencies broad discretion to safeguard such information and could be read so as to allow closed meetings. E.g., Ark. Code Ann. § 23-2-316(b) (Public Service Commission). Other statutes allow in camera judicial proceedings in cases involving trade secrets. E.g., Ark. Code Ann. § § 4-75-605, 4-88-111(c). See also Rule 507, Ark. R. Evid.