New Hampshire 2024 Regular Session

New Hampshire House Bill HB1267

Introduced
12/6/23  
Refer
12/6/23  

Caption

Relative to prohibiting environmental, social, and governance standards in the selection of government investments.

Impact

If enacted, HB1267 would change the landscape of public investments in New Hampshire by explicitly banning the consideration of ESG factors. This could potentially lead to reduced participation from investment firms that prioritize ESG considerations, possibly impacting the overall performance and risk profile of state investment portfolios. As indicated in the fiscal note for the bill, the impact on state revenues and expenditures is currently indeterminable, though it may incur transition costs and affect returns from future investments.

Summary

House Bill 1267 (HB1267) seeks to prohibit the state of New Hampshire and its agencies from investing any funds in firms that consider environmental, social, and governance (ESG) criteria during their investment decision-making processes. The bill emphasizes that the primary goal of state investments should be to maximize financial returns and minimize risks, which the sponsors argue aligns with the fiduciary duties owed to the state's trust fund beneficiaries.

Sentiment

The sentiment around the bill appears to be mixed. Proponents, largely from Republican circles, argue that safeguarding taxpayer funds from ESG-related biases will ensure the best returns for citizens. Conversely, critics may see the bill as limiting investment opportunities and misaligning state goals with modern investment practices that incorporate broader social responsibilities. This division reflects ongoing national conversations regarding the role of ESG in corporate governance and public investments.

Contention

Notable points of contention surrounding HB1267 include concerns about its implications for local governance and financial investment returns. Critics have raised alarms about the possibility of reduced investment returns due to exclusion from ESG-compliant firms, leading to heightened financial risk. Additionally, the transparency and reporting provisions mandated by the bill might be viewed as redundant, given existing legislative requirements, raising questions about the necessity and effectiveness of the proposed regulations.

Companion Bills

No companion bills found.

Previously Filed As

NH SB123

Relative to the adoption of ambient groundwater quality standards by the department of environmental services.

NH HB457

Relative to state treasury pension and insurance fund management.

NH HB339

Prohibiting the investment of state funds in any company participating in a boycott of Israel.

NH SB164

Relative to consideration of biodiversity in the land and community heritage investment program.

NH HB225

Relative to prohibiting the use of currency that could be detrimental to privacy rights.

NH HB171

Relative to bodily injury actions against governmental units.

NH SB267

Requiring the commissioner of the department of environmental services to consider "cumulative impacts analysis" in rules and statutes.

NH HB233

Relative to useful thermal energy under the renewable portfolio standards.

NH HB453

Relative to prohibiting the folding of election ballots and providing adequate envelops for absentee ballots to prevent folding.

NH HB314

Relative to the expectation of privacy in the collection and use of personal information.

Similar Bills

NH HB233

Relative to useful thermal energy under the renewable portfolio standards.

NH HB1170

Requiring public benefit and community impact assessments from the department of environmental services.

NH HB524

Relative to regional greenhouse gas initiative funds.

NH HB1145

Prohibiting the private ownership of landfills.

NH HB114

Removing fees and charges for governmental records under the right-to-know law and reinstating potential liability for disclosure of information exempt from disclosure.

NH SB56

Relative to payments for restoration of certain jurisdictional resource losses.

NH HB95

Requiring the New Hampshire electric co-op regularly file a certificate of deregulation with the public utilities commission.

NH HB418

Relative to eliminating the rebates distributed by the energy efficiency fund.