DENVER -- Pinnacol Assurance, which has been under fire for luxurious travel and expensive meals after a CALL7 investigation, announced Thursday that its board voted to oppose bills that would limit the company's reserves and add outside directors to the board.

"These bills have the potential to drive up workers' compensation costs in Colorado and others are redundant, as well as an inappropriate intrusion of the legislature into the operations of a company that, by statute, is directed to operate as a mutual insurance company," said Pinnacol board President Gary Johnson in a news release.

A CALL7 investigation in May detailed lavish spending by the company, which was set up by taxpayers and doesn't pay taxes because it's a subdivision of the state. Pinnacol employees also receive lucrative state pension benefits. The investigation found the company had a $700 million surplus and was spending hundreds of thousands of dollars on executive bonuses, golf retreats, meals and outings with large amounts of alcohol and luxury hotels.

After the investigation, the General Assembly set up an interim committee to investigate what to do about Pinnacol, and the committee proposed seven bills. The Pinnacol board voted Thursday to support two of the bills and oppose the rest.

Johnson said the board was particularly troubled by state Rep. Su Ryden's (D-Aurora) Workers' Compensation Policyholder Protection Act of 2010, which limits Pinnacol's reserve, and Rep. Joe Miklosi's (D-Denver) legislation that adds two-non management employees to the board.

Johnson said most of the legislation is an unnecessary intrusion into the business of a mutual insurance company.

In October, Pinnacol CEO Ken Ross criticized the interim committee in a news release, saying the committee had a "clear bias in favor of injured workers" and little time was spent trying "understand Pinnacol's business operations."

Interim committee chairwoman state Sen. Morgan Carroll (D-Aurora) was not immediately available for comment.