The proposed bill aims to restrict fiduciary actions by the Alaska Retirement Management Board and the Alaska Permanent Fund Corporation Board, specifically prohibiting them from taking investment actions that further social, political, or ideological interests. New language added to AS 37.10.071, AS 37.10.220, and AS 37.13.120 outlines that such actions are deemed to have a social, political, or ideological purpose if they involve commitments to issues like greenhouse gas emissions, corporate board composition based on social criteria, divestment from companies not meeting environmental standards, access to abortion or gender transition services, and investments related to firearms.

The bill emphasizes that fiduciaries must refrain from these actions unless required by federal or state law, thereby reinforcing a focus on financial performance over social or political considerations in investment decisions. This legislative change reflects a broader trend of prioritizing traditional fiduciary duties in managing state funds, ensuring that investment strategies remain aligned with financial objectives rather than ideological agendas.

Statutes affected:
HB0006A, AM HB 6, introduced 01/10/2025: 37.10.071, 18.80.220, 37.10.220, 37.13.120