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Committee hears proposal to limit ESG considerations in public pension investing
Summary
House Bill 657 would require Missouri public pension systems to prioritize safety and rate of return and restrict investment decisions based on environmental, social and governance criteria; witnesses and systems gave mixed testimony.
Representatives and pension-system officials debated House Bill 657 before the House Pensions Committee on Oct. 12, 2025. Sponsor Representative Bill Owen said the bill would "lock in best practices" by directing public pension funds to prioritize rate of return and prohibit decisions driven by environmental, social and governance (ESG) preferences that override fiduciary duties.
"We are to be focused on return on investment," Representative Bill Owen said, describing language that would require proxy-voting agents and investment fiduciaries to act in the economic best interests of pension members. "If you give out your proxy voting to a third party provider ... they have signed a document stating they too understand that they are required to cast those votes ... in the economic best interest of the members of that pension fund."
Supporters included chief counsel and representatives of several large retirement systems who…
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