HLS 23RS-642 ORIGINAL
2023 Regular Session
HOUSE CONCURRENT RESOL UTION NO. 70
BY REPRESENTATIVE BEAULLIEU
RETIREMENT SYSTEMS: Requests retirement systems and the state treasurer to report
on companies that do not invest in certain energy companies
1 A CONCURRENT RESOL UTION
2To urge and request the state treasurer and the state and statewide retirement systems to
3 report on investment advisors and companies used by the treasurer and the retirement
4 systems respectively that discriminate against the fossil fuel industry through
5 environmental, social, and governance policies; on their investment of funds using
6 nonpecuniary factors; and on the asset allocation of all their investments.
7 WHEREAS, Louisiana ranks third in natural gas production and proved reserves
8among the states; and
9 WHEREAS, Louisiana accounts for about nine percent of the United States of
10America's total marketed natural gas production; and
11 WHEREAS, Louisiana's fourteen oil refineries account for nearly one-fifth of the
12nation's refining capacity and can process about three million barrels of crude oil per day;
13and
14 WHEREAS, it is the duty of the state treasurer and boards of trustees of Louisiana's
15state and statewide retirement systems to responsibly and prudently invest money; and
16 WHEREAS, investing the monies of the state and the retirement systems, the
17treasurer, the boards of trustees, the asset managers, the investment advisors, and all other
18fiduciaries must comply with the highest standards of loyalty and integrity to their
19beneficiaries; and
20 WHEREAS, the United States Department of Labor made clear in recent years that
21fiduciaries responsible for investing should only consider financial factors in evaluating
Page 1 of 3 HLS 23RS-642 ORIGINAL
HCR NO. 70
1funds for investment potential and that "fiduciaries may not sacrifice investment returns or
2assume greater investment risks as a means of promoting collateral social policy goals"; and
3 WHEREAS, Louisiana and its state and statewide retirement systems should take
4their fiduciary responsibilities seriously when investing.
5 THEREFORE, BE IT RESOLVED that the Legislature of Louisiana does hereby
6urge and request the state treasurer and the state and statewide retirement systems to report
7on investment advisors and companies used by the treasurer and the retirement systems
8respectively that discriminate against the fossil fuel industry through environmental, social,
9and governance policies; on their investment of funds using nonpecuniary factors; and on
10the asset allocation of all their investments.
11 BE IT FURTHER RESOLVED, that the director of each state or statewide retirement
12system and the state treasurer shall submit a report to the legislature that includes the
13following:
14 (1) The name of any investment management company, investment advisor, mutual
15fund, or other entity under contract with the system that uses nonpecuniary or environmental,
16social, or governance (ESG) scoring factors for investment purposes.
17 (2) The name of any entity under contract that is known to boycott energy
18companies.
19 (3) The amount of funds invested with each entity identified under item (1) or (2),
20the date the entity was first hired, and the percentage of the system's portfolio with each such
21entity, both individually and in the aggregate if more than one is reported.
22 (4) The equity, fixed income, and industry sector investment allocation of all funds.
23 (5) The allocation of all investments in Louisiana, within the United States, and
24outside the United States.
25 BE IT FURTHER RESOLVED, that the state treasurer and the director of each state
26or statewide retirement system shall submit the report to the legislature in accordance with
27R.S. 24:772 no later than October 1, 2023.
Page 2 of 3 HLS 23RS-642 ORIGINAL
HCR NO. 70
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HCR 70 Original 2023 Regular Session Beaullieu
Requests the state treasurer and the state and statewide retirement systems to report on
investment advisors and companies used by the treasurer and the retirement systems
respectively that discriminate against the fossil fuel industry through environmental, social,
and governance policies; on their investment of funds using nonpecuniary factors; and on
the asset allocation of all their investments prior to October 1, 2023.
Page 3 of 3