2022-03-16                     Senate Journal                      Page 2031
SB 235                                                                                                                        
SENATE BILL NO. 235 BY THE SENATE RULES COMMITTEE                                                                               
BY REQUEST OF THE GOVERNOR, entitled:                                                                                           
                                                                                                                                
             "An Act relating to certain investments of state funds                                                             
             in the Russian Federation and financial institutions                                                               
             profiteering from the Russian Federation's invasion                                                                
             of Ukraine; providing indemnity and immunity for                                                                   
             certain investment actions taken in compliance with                                                                
             law; and providing for an effective date."                                                                         
                                                                                                                                
was read the first time and referred to the Finance Committee.                                                                  
                                                                                                                                
The following fiscal information was published today:                                                                           
 Fiscal Note No. 1, indeterminate, Department of Revenue                                                                        
                                                                                                                                
Governor's transmittal letter dated March 15:                                                                                   
                                                                                                                                
Dear President Micciche:                                                                                                        
                                                                                                                                
Under the authority of Article III, Section 18, of the Alaska                                                                   
Constitution, I am transmitting a bill relating to the State of Alaska’s                                                        
financial investments in the Russian Federation, and financial                                                                  
institutions profiteering from the Russian Federation’s invasion of                                                             
Ukraine. This bill also provides indemnity and immunity for state                                                               
officials or state fund fiduciaries, or individuals acting at the direction                                                     
of these individuals, for good faith actions taken to comply with                                                               
the bill.                                                                                                                       
                                                                                                                                
Given the gravity of the Russian Federation’s invasion of Ukraine, this                                                         
bill provides a framework for the State of Alaska and certain state                                                             
funds to divest from assets, companies, or financial institutions that                                                          
support the Russian Federation’s invasion of Ukraine or are unfairly                                                            
profiting from that action. Passage of this bill ensures that the State of                                                      
Alaska is not directly or indirectly supporting the Government of                                                               
Russia in its war efforts.                                                                                                      
                                                                                                                                

2022-03-16                     Senate Journal                      Page 2032
Furthermore, it is unconscionable that for-profit institutions can                                                              
engage in an international divestment lobbying effort on resource                                                               
development projects in Alaska while simultaneously seeking                                                                     
enrichment from totalitarian actions elsewhere in the world. If a                                                               
financial institution wishes to plant its proverbial flag on the grounds                                                        
of responsible and moral investing while surreptitiously padding its                                                            
balance sheet on the backs of humanitarian disaster and overt                                                                   
environmental degradation, those firms should not have the benefit of                                                           
the State of Alaska’s business.                                                                                                 
                                                                                                                                
I urge your prompt and favorable action on this measure.                                                                        
                                                                                                                                
Sincerely,                                                                                                                      
/s/                                                                                                                             
Mike Dunleavy                                                                                                                   
Governor