In People v. Hedgecock (1990) 51 Cal.3d 395, the Political Reform Act of 1974 required all public officials to file annual statements of economic interests and the court held that the appropriate definition of materiality for omissions in the statements was whether there was "a substantial likelihood that a reasonable person would consider it important in evaluating (1) whether a candidate should be elected to, or retained in, public office, or (2) whether a public official can perform the duties of office free from any bias caused by concern for the financial interests of the official or the official's supporters." (Hedgecock, supra, 51 Cal.3d at pp. 406-407.)