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Committee approves broad amendment limiting non‑pecuniary investment factors in HB80
Summary
Lawmakers adopted an amendment to House Bill 80 that narrows definitions related to fiduciary investment decisions, excludes non‑pecuniary factors such as ESG from pecuniary determinations, and clarifies Attorney General investigatory language; the bill passed the committee as amended.
The Minerals, Business & Economic Development Committee on Monday approved a substantive amendment to House Bill 80 that tightens statutory language on fiduciary investment standards and blocks use of non‑pecuniary factors such as environmental, social and governance (ESG) considerations when making investment decisions for state funds.
Representative Knapp, who sponsored the amendment, told the committee the changes were intended to codify the state’s current Investment Policy Statement and to keep fiduciary decisions focused on financially material considerations. "This bill is not to drill down into separate individual corporations for ESG stances," Knapp said, adding the amendment borrows…
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