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

Business and financial records are open to public access when used as the basis for a public agency's decision-making. San Gabriel Valley Tribune v. Superior Court, 143 Cal. App. 3d 762, 192 Cal. Rptr. 415 (1983). However, information that constitutes a trade secret is generally exempt from disclosure. Gov't Code § 6254.(k)(engrafting into CPRA exemptions under federal and state law, including provisions of California Evidence Code relating to privileges). Trade secret protection, however, is not absolute. See, e.g., Coalition of Univ. Employees v. Regents of Univ. of Cal., 32 Med. L. Rptr. 1212 (Cal. Sup. Ct. 2003)(even assuming internal rates of return of private equity investments made by university were trade secrets, disclosure turns on balancing of interests and public interest in disclosure outweighed interest in nondisclosure).

In addition, the Bagley-Keene Act specifically provides that the following organizations may hold closed sessions to discuss financial or trade secret information:

(1) The Franchise Tax Board may meet in closed session to discuss confidential tax returns or information that cannot be lawfully disclosed to the public. Cal. Gov't Code § 11126(c)(10). See, e.g., General Am. Trans. Corp. v. State Bd. Of Equalization, 193 Cal. App. 3d 1175, 238 Cal. Rptr. 865 (1987).

(2) The State Air Resources Board may meet in closed session to consider proprietary specifications and performance data of manufacturers. Cal. Gov't Code § 11126(c)(13).

(3) The California Integrated Waste Management Board or its committees may meet in closed session to discuss confidential tax returns, trade secrets or confidential or proprietary information in its possession. Cal. Gov't Code § 11126(c)(15).

(4) The State Board of Equalization may meet in closed session to consider confidential taxpayer appeals or data, which cannot be lawfully disclosed to the public. Cal. Gov't Code § 11126(f)(8).

In addition, the Brown Act provides that hospitals may conduct closed sessions to discuss trade secrets pursuant to Government Code Section 1462. Cal. Gov't Code § 54962.