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HOUSE BILL NO. 174
IN THE LEGISLATURE OF THE STATE OF ALASKA
THIRTY-THIRD LEGISLATURE - FIRST SESSION
BY REPRESENTATIVES MCCABE, McKay
Introduced: 4/24/23
Referred: Finance
A BILL
FOR AN ACT ENTITLED
1 "An Act restricting fiduciary actions by a fiduciary of a state fund, the Alaska
2 Retirement Management Board, and the Alaska Permanent Fund Corporation Board
3 that have the purpose of furthering social, political, or ideological interests."
4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
5 * Section 1. AS 37.10.071 is amended by adding a new subsection to read:
6 (g) The fiduciary of a state fund may not take an action involving investment
7 under this section for the purpose of furthering a social, political, or ideological
8 interest. Except as required under applicable federal or state law, an action is
9 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
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1 characteristics or practices prohibited under AS 18.80.220;
2 (3) divesting from, limiting investment in, or limiting the activities or
3 investments of a company for failing, or not committing, to meet environmental
4 standards or disclosures;
5 (4) providing or limiting access to abortion, sex or gender change, or
6 transgender surgery; or
7 (5) divesting from, limiting investment in, or limiting the activities or
8 investments of a company for engaging in, facilitating, or supporting the manufacture,
9 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
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1 under applicable federal or state law, an action is considered to have the purpose of
2 furthering a social, political, or ideological interest if evidence indicates a commitment
3 to
4 (1) eliminating, reducing, offsetting, or disclosing greenhouse gas
5 emissions;
6 (2) instituting or assessing corporate board or employee composition,
7 compensation, or disclosure criteria based on social, political, or ideological
8 characteristics or practices prohibited under AS 18.80.220;
9 (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.
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Statutes affected: HB0174A, AM HB 174, introduced 04/24/2023: 37.10.071, 18.80.220, 37.10.220, 37.13.120