HB1937--PUBLICEMPLOYEERETIREMENTSYSTEMS
SPONSOR: Owen
Currently,aninvestmentfiduciaryhastodischargehisorher
dutiesrelatingtotheinvestment,reinvestment,andmanagementof
theassetsofthesystemfortheparticipants,baseduponcertain
specifiedstandards. Thisbillincludesadditionalstandardsand
providesthattheinvestmentfiduciaryshallnotconsider
environmental, social,orgovernancecharacteristics inamanner
thatoverrideshisorherfiduciaryduties.Further,the
investmentfiduciaryshallnotbesubjecttolegislative,
regulatory,orothermandatestoinvestwithenvironmentally,
socially,orothernoneconomically motivatedinfluenceunlessthey
areconsistentwiththefiduciary'sresponsibilities, ordivest
fromanydirectholdingsasspecifiedinthebill.
Thebillprovidesforvotingofallsharesofcommonstocksolely
tofurthertheeconomicinterestoftheplanparticipantsand
prohibitsvotingtofurthernoneconomicenvironmental, social,
political,ideological,orothergoals.Thebillalsospecifies
themethodsforvotingbyproxy.
ThisbillissimilartoHB769(2023).