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NH retirees and investors clash over bill to limit ESG in state pension decisions
Summary
Witnesses for and against HB 15-85 debated whether state retirement fiduciaries should be restricted to considering only financial factors and required to document proxy-voting analyses. Investor groups warned the bill would raise costs and constrain risk analysis; advocates for the bill said it would increase transparency and protect returns.
The Executive Departments and Administration Committee on Jan. 14 heard HB 15-85, a bill that would constrain fiduciaries of the New Hampshire Retirement System to consider only financial factors when making investment or proxy-voting decisions and require documentation when environmental, social or governance (ESG) factors are considered.
Cameron Schulte, executive director of Heartland Impact (the advocacy arm of the Heartland Institute), told the committee the measure simply codifies a traditional fiduciary standard. "HB 15-85 requires fiduciaries to consider only financial factors when…
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