HB769--RETIREMENTSYSTEMS
SPONSOR: Owen
Currently,aninvestmentfiduciaryhastodischargehisorher
dutiesrelatingtotheinvestment,reinvestmentandmanagementof
theassetsofthesystemfortheparticipants,baseduponcertain
specifiedstandards. Thisbillincludesadditionalstandardsand
providesthattheinvestmentfiduciaryshallnotconsider
environmental, social,orgovernancecharacteristics inamanner
thatoverrideshisorherfiduciaryduties.Further,the
investmentfiduciaryshallnotbesubjecttolegislative,
regulatory,orothermandatestoinvestwithenvironmentally,
socially,orothernoneconomically motivatedinfluenceunlessthey
areconsistentwiththefiduciary'sresponsibilities, ordivest
fromanydirectholdingsasmentionedinthebill.
Thebillprovidesforvotingofallsharesofcommonstocksolely
tofurthertheeconomicinterestoftheplanparticipantsand
prohibitsvotingtofurthernoneconomicenvironmental, social,
political,ideologicalorothergoals.Thebillalsospecifiesthe
methodsforvotingbyproxy.