| Old | New | Differences | |
|---|---|---|---|
| 1 | - | General Assembly Substitute Bill No. 5733 | |
| 2 | - | January Session, 2015 *_____HB05733ENV___032615____* | |
| 1 | + | General Assembly Committee Bill No. 5733 | |
| 2 | + | January Session, 2015 LCO No. 4361 | |
| 3 | + | *04361HB05733ENV* | |
| 4 | + | Referred to Committee on ENVIRONMENT | |
| 5 | + | Introduced by: | |
| 6 | + | (ENV) | |
| 3 | 7 | ||
| 4 | 8 | General Assembly | |
| 5 | 9 | ||
| 6 | - | ||
| 10 | + | Committee Bill No. 5733 | |
| 7 | 11 | ||
| 8 | 12 | January Session, 2015 | |
| 9 | 13 | ||
| 10 | - | ||
| 14 | + | LCO No. 4361 | |
| 11 | 15 | ||
| 12 | - | AN ACT AUTHORIZING THE STATE TREASURER TO DIVEST FUNDS FROM FOSSIL FUEL COMPANIES. | |
| 16 | + | *04361HB05733ENV* | |
| 17 | + | ||
| 18 | + | Referred to Committee on ENVIRONMENT | |
| 19 | + | ||
| 20 | + | Introduced by: | |
| 21 | + | ||
| 22 | + | (ENV) | |
| 23 | + | ||
| 24 | + | AN ACT REQUIRING THE STATE TREASURER TO DIVEST FUNDS FROM FOSSIL FUEL COMPANIES. | |
| 13 | 25 | ||
| 14 | 26 | Be it enacted by the Senate and House of Representatives in General Assembly convened: | |
| 15 | 27 | ||
| 16 | 28 | Section 1. (NEW) (Effective October 1, 2015) (a) For the purposes of this section: | |
| 17 | 29 | ||
| 18 | - | (1) "Company" means any corporation, utility, partnership, joint venture, franchisor, franchisee, trust, entity investment vehicle, financial institution or other entity or business association, including all wholly-owned subsidiaries, majority-owned subsidiaries, parent companies or affiliates of such entities or business associations, that exist for the purpose of making profit; | |
| 30 | + | (1) "Company" means any corporation, utility, partnership, joint venture, franchisor, franchisee, trust, entity investment vehicle, financial institution or other entity or business association, including all wholly-owned subsidiaries, majority-owned subsidiaries, parent companies or affiliates of such entities or business associations, that exist for the purpose of making profit; and | |
| 19 | 31 | ||
| 20 | - | (2) " | |
| 32 | + | (2) "Invest" means the commitment of funds or other assets to a company, including, but not limited to, the ownership or control of a share or interest in the company, and the ownership or control of a bond or other debt instrument by the company. | |
| 21 | 33 | ||
| 22 | - | ( | |
| 34 | + | (b) The State Treasurer shall review the major investment holdings of the state for the purpose of determining the extent to which state funds are invested in fossil fuel companies. | |
| 23 | 35 | ||
| 24 | - | (b) The State Treasurer shall | |
| 36 | + | (c) (1) The State Treasurer shall take the following actions in relation to state funds invested in fossil fuel companies prior to the date of this section: (A) The State Treasurer shall sell, redeem, divest or withdraw all publicly traded securities of each company identified in subsection (b) of this section according to the following schedule: (i) Not less than twenty per cent of such assets shall be removed from the State Treasurer's assets under management not later than October 1, 2016, (ii) forty per cent of such assets shall be removed from the State Treasurer's assets under management not later than October 1, 2017, (iii) sixty per cent of such assets shall be removed from the State Treasurer's assets under management not later than October 1, 2018, (iv) eighty per cent of such assets shall be removed from the State Treasurer's assets under management not later than October 1, 2019, and (v) one hundred per cent of such assets shall be removed from the State Treasurer's assets under management not later than October 1, 2020; and (B) The State Treasurer shall, at least once per fiscal year, provide reports to the Investment Advisory Council on actions taken by the State Treasurer pursuant to the provisions of this subdivision. | |
| 25 | 37 | ||
| 26 | - | (c) The Treasurer may divest, decide to not further invest state funds or to not enter into any future investment in any fossil fuel company. In the event that the Treasurer determines that divestment of state funds from a fossil fuel company is warranted, the Treasurer shall give notice of such determination to such company. | |
| 27 | - | ||
| 28 | - | (d) The Treasurer shall, at least once per fiscal year, provide reports to the Investment Advisory Council on actions taken by the Treasurer pursuant to the provisions of this section. | |
| 38 | + | (2) The State Treasurer shall not further invest state funds in any fossil fuel company. | |
| 29 | 39 | ||
| 30 | 40 | ||
| 31 | 41 | ||
| 32 | 42 | ||
| 33 | 43 | This act shall take effect as follows and shall amend the following sections: | |
| 34 | 44 | Section 1 October 1, 2015 New section | |
| 35 | 45 | ||
| 36 | 46 | This act shall take effect as follows and shall amend the following sections: | |
| 37 | 47 | ||
| 38 | 48 | Section 1 | |
| 39 | 49 | ||
| 40 | 50 | October 1, 2015 | |
| 41 | 51 | ||
| 42 | 52 | New section | |
| 43 | 53 | ||
| 54 | + | Statement of Purpose: | |
| 55 | + | ||
| 56 | + | To require the State Treasurer to divest investments in fossil fuel companies and not further invest in such companies in order to discourage the extraction of fossil fuels and avoid a significant increase in global warming. | |
| 57 | + | ||
| 58 | + | [Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.] | |
| 44 | 59 | ||
| 45 | 60 | ||
| 46 | - | ENV Joint Favorable Subst. | |
| 47 | 61 | ||
| 48 | - | ||
| 62 | + | Co-Sponsors: REP. MUSHINSKY, 85th Dist.; REP. ALBIS, 99th Dist. | |
| 49 | 63 | ||
| 50 | - | Joint Favorable Subst. | |
| 64 | + | Co-Sponsors: | |
| 65 | + | ||
| 66 | + | REP. MUSHINSKY, 85th Dist.; REP. ALBIS, 99th Dist. | |
| 67 | + | ||
| 68 | + | H.B. 5733 |