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Committee advances anti-ESG divestment bill after amendments, retirement-system witnesses warn of costs
Summary
HB 1307, amended to exempt investment advisers and narrow scope to direct investments, passed committee; the Arkansas Teacher Retirement System estimated a conservative $7 million annual impact and raised fiduciary concerns.
The State Agencies & Governmental Affairs Senate committee passed HB 1307 as amended after accepting sponsor Representative Jeff Wardlaw's changes aimed at narrowing the bill's scope and adding exemptions for fiduciary decisions.
Wardlaw said the amendment clarifies that 'discriminate' does not include actions by investment advisers operating under investment-related guidelines and inserts a divestment exemption that allows retirement systems to divest only when doing so meets…
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