HB0006a -1- HB 6
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34-LS0160\A
HOUSE BILL NO. 6
IN THE LEGISLATURE OF THE STATE OF ALASKA
THIRTY-FOURTH LEGISLATURE - FIRST SESSION
BY REPRESENTATIVE MCCABE
Introduced: 1/10/25
Referred: Prefiled
A BILL
FOR AN ACT ENTITLED
"An Act restricting fiduciary actions by a fiduciary of a state fund, the Alaska 1
Retirement Management Board, and the Alaska Permanent Fund Corporation Board 2
that have the purpose of furthering social, political, or ideological interests." 3
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 4
* Section 1. AS 37.10.071 is amended by adding a new subsection to read: 5
(g) The fiduciary of a state fund may not take an action involving investment 6
under this section for the purpose of furthering a social, political, or ideological 7
interest. Except as required under applicable federal or state law, an action is 8
considered to have the purpose of furthering a social, political, or ideological interest 9
if evidence indicates a commitment to 10
(1) eliminating, reducing, offsetting, or disclosing greenhouse gas 11
emissions; 12
(2) instituting or assessing corporate board or employee composition, 13
compensation, or disclosure criteria based on social, political, or ideological 14 34-LS0160\A
HB 6 -2- HB0006a
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characteristics or practices prohibited under AS 18.80.220; 1
(3) divesting from, limiting investment in, or limiting the activities or 2
investments of a company for failing, or not committing, to meet environmental 3
standards or disclosures; 4
(4) providing or limiting access to abortion, sex or gender change, or 5
transgender surgery; or 6
(5) divesting from, limiting investment in, or limiting the activities or 7
investments of a company for engaging in, facilitating, or supporting the manufacture, 8
distribution, sale, or use of firearms. 9
* Sec. 2. AS 37.10.220 is amended by adding a new subsection to read: 10
(d) The board may not take an action involving investment of the funds 11
entrusted to the board for the purpose of furthering a social, political, or ideological 12
interest. Except as required under applicable federal or state law, an action is 13
considered to have the purpose of furthering a social, political, or ideological interest 14
if evidence indicates a commitment to 15
(1) eliminating, reducing, offsetting, or disclosing greenhouse gas 16
emissions; 17
(2) instituting or assessing corporate board or employee composition, 18
compensation, or disclosure criteria based on social, political, or ideological 19
characteristics or practices prohibited under AS 18.80.220; 20
(3) divesting from, limiting investment in, or limiting the activities or 21
investments of a company for failing, or not committing, to meet environmental 22
standards or disclosures; 23
(4) providing or limiting access to abortion, sex or gender change, or 24
transgender surgery; or 25
(5) divesting from, limiting investment in, or limiting the activities or 26
investments of a company for engaging in, facilitating, or supporting the manufacture, 27
distribution, sale, or use of firearms. 28
* Sec. 3. AS 37.13.120 is amended by adding a new subsection to read: 29
(f) The board may not take an action involving investment of the fund for the 30
purpose of furthering a social, political, or ideological interest. Except as required 31 34-LS0160\A
HB0006a -3- HB 6
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under applicable federal or state law, an action is considered to have the purpose of 1
furthering a social, political, or ideological interest if evidence indicates a commitment 2
to 3
(1) eliminating, reducing, offsetting, or disclosing greenhouse gas 4
emissions; 5
(2) instituting or assessing corporate board or employee composition, 6
compensation, or disclosure criteria based on social, political, or ideological 7
characteristics or practices prohibited under AS 18.80.220; 8
(3) divesting from, limiting investment in, or limiting the activities or 9
investments of a company for failing, or not committing, to meet environmental 10
standards or disclosures; 11
(4) providing or limiting access to abortion, sex or gender change, or 12
transgender surgery; or 13
(5) divesting from, limiting investment in, or limiting the activities or 14
investments of a company for engaging in, facilitating, or supporting the manufacture, 15
distribution, sale, or use of firearms. 16