HB 174: "An Act restricting fiduciary actions by a fiduciary of a state fund, the Alaska Retirement Management Board, and the Alaska Permanent Fund Corporation Board that have the purpose of furthering social, political, or ideological interests."
00 HOUSE BILL NO. 174 01 "An Act restricting fiduciary actions by a fiduciary of a state fund, the Alaska 02 Retirement Management Board, and the Alaska Permanent Fund Corporation Board 03 that have the purpose of furthering social, political, or ideological interests." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 37.10.071 is amended by adding a new subsection to read: 06 (g) The fiduciary of a state fund may not take an action involving investment 07 under this section for the purpose of furthering a social, political, or ideological 08 interest. Except as required under applicable federal or state law, an action is 09 considered to have the purpose of furthering a social, political, or ideological interest 10 if evidence indicates a commitment to 11 (1) eliminating, reducing, offsetting, or disclosing greenhouse gas 12 emissions; 13 (2) instituting or assessing corporate board or employee composition, 14 compensation, or disclosure criteria based on social, political, or ideological
01 characteristics or practices prohibited under AS 18.80.220; 02 (3) divesting from, limiting investment in, or limiting the activities or 03 investments of a company for failing, or not committing, to meet environmental 04 standards or disclosures; 05 (4) providing or limiting access to abortion, sex or gender change, or 06 transgender surgery; or 07 (5) divesting from, limiting investment in, or limiting the activities or 08 investments of a company for engaging in, facilitating, or supporting the manufacture, 09 distribution, sale, or use of firearms. 10 * Sec. 2. AS 37.10.220 is amended by adding a new subsection to read: 11 (d) The board may not take an action involving investment of the funds 12 entrusted to the board for the purpose of furthering a social, political, or ideological 13 interest. Except as required under applicable federal or state law, an action is 14 considered to have the purpose of furthering a social, political, or ideological interest 15 if evidence indicates a commitment to 16 (1) eliminating, reducing, offsetting, or disclosing greenhouse gas 17 emissions; 18 (2) instituting or assessing corporate board or employee composition, 19 compensation, or disclosure criteria based on social, political, or ideological 20 characteristics or practices prohibited under AS 18.80.220; 21 (3) divesting from, limiting investment in, or limiting the activities or 22 investments of a company for failing, or not committing, to meet environmental 23 standards or disclosures; 24 (4) providing or limiting access to abortion, sex or gender change, or 25 transgender surgery; or 26 (5) divesting from, limiting investment in, or limiting the activities or 27 investments of a company for engaging in, facilitating, or supporting the manufacture, 28 distribution, sale, or use of firearms. 29 * Sec. 3. AS 37.13.120 is amended by adding a new subsection to read: 30 (f) The board may not take an action involving investment of the fund for the 31 purpose of furthering a social, political, or ideological interest. Except as required
01 under applicable federal or state law, an action is considered to have the purpose of 02 furthering a social, political, or ideological interest if evidence indicates a commitment 03 to 04 (1) eliminating, reducing, offsetting, or disclosing greenhouse gas 05 emissions; 06 (2) instituting or assessing corporate board or employee composition, 07 compensation, or disclosure criteria based on social, political, or ideological 08 characteristics or practices prohibited under AS 18.80.220; 09 (3) divesting from, limiting investment in, or limiting the activities or 10 investments of a company for failing, or not committing, to meet environmental 11 standards or disclosures; 12 (4) providing or limiting access to abortion, sex or gender change, or 13 transgender surgery; or 14 (5) divesting from, limiting investment in, or limiting the activities or 15 investments of a company for engaging in, facilitating, or supporting the manufacture, 16 distribution, sale, or use of firearms.