Revision: Oct. 25, 2023, 1:41 p.m.
2024 SESSION
24-2047.0
10/02
HOUSE BILL [bill number]
SPONSORS: [sponsors]
COMMITTEE: [committee]
─────────────────────────────────────────────────────────────────
ANALYSIS
This bill prohibits the investment of funds of the state treasury, executive branch agencies, and the state retirement system in investments which consider environmental, social, and governance (ESG) criteria.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
24-2047.0
10/02
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Four
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Subdivision; State Investment Policy. Amend RSA 6 by inserting after section 47 the following new subdivision:
State Investment Policy
6:48 State Investment Policy.
I. Executive branch agencies shall prioritize investment decisions that maximize financial returns and minimize risk, as part of their fiduciary duty to act in the best interest of the state and the beneficiaries of the state's trust funds.
II. Executive branch agencies that are permitted to invest funds shall review their investments and pursue any necessary steps to ensure that no funds or state- controlled investments are invested with firms that invest New Hampshire funds in accounts with any regard whatsoever based on environmental, social, and governance (ESG) criteria.
III. The New Hampshire retirement system shall adhere to their fiduciary obligation and not invest with any firm that will invest state retirement system funds in investment funds that consider environmental, social, and governance (ESG) criteria, as the investment goal should be to obtain the highest return on investment for New Hampshire's taxpayers and retirees.
IV. The state treasurer and the New Hampshire retirement system shall each report on an annual basis to the governor and the relevant legislative committees regarding compliance with the duty to make investment decisions based upon the fiduciary duty to maximize short or long term financial benefits for the state. The report shall note the existence of any investment funds that may have mixed, rather than pure, fiduciary interest investment motivations.
V. It shall be a felony punishable by not less than one year, and not more than 20 years imprisonment to violate the provisions of this section by investing state or taxpayer funds knowingly in a manner violating fiduciary duty concerning environmental, social, and governance (ESG) criteria
2 Retirement System; Management of Funds; Investments. Amend RSA 100-A:15, VIII(a) to read as follows:
VIII.(a) The management, investment, and reinvestment practices for the assets held in trust by the board pursuant to this section shall be subject to the requirements of RSA 6:48 and review by the legislature.
3 Effective Date. This act shall take effect January 1, 2025.