Text of AK HB 6 (2025)
State Fund Fiduc Duty:social/pol Interest
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As introduced
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34-LS0160\A
HOUSE BILL NO. 6
IN THE LEGISLATURE OF THE STATE OF ALASKA
THIRTY-FOURTH LEGISLATURE - FIRST SESSION
BY REPRESENTATIVE MCCABE
Introduced: 1/10/25
Referred: Prefiled
A BILL
FOR AN ACT ENTITLED
"An Act restricting fiduciary actions by a fiduciary of a state fund, the Alaska
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Retirement Management Board, and the Alaska Permanent Fund Corporation Board
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that have the purpose of furthering social, political, or ideological interests."
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
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* Section 1. AS 37.10.071 is amended by adding a new subsection to read:
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(g) The fiduciary of a state fund may not take an action involving investment
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under this section for the purpose of furthering a social, political, or ideological
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interest. Except as required under applicable federal or state law, an action is
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considered to have the purpose of furthering a social, political, or ideological interest
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if evidence indicates a commitment to
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(1) eliminating, reducing, offsetting, or disclosing greenhouse gas
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emissions;
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(2) instituting or assessing corporate board or employee composition,
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compensation, or disclosure criteria based on social, political, or ideological
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characteristics or practices prohibited under AS 18.80.220;
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(3) divesting from, limiting investment in, or limiting the activities or
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investments of a company for failing, or not committing, to meet environmental
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standards or disclosures;
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(4) providing or limiting access to abortion, sex or gender change, or
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transgender surgery; or
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(5) divesting from, limiting investment in, or limiting the activities or
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investments of a company for engaging in, facilitating, or supporting the manufacture,
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distribution, sale, or use of firearms.
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* Sec. 2. AS 37.10.220 is amended by adding a new subsection to read:
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(d) The board may not take an action involving investment of the funds
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entrusted to the board for the purpose of furthering a social, political, or ideological
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interest. Except as required under applicable federal or state law, an action is
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considered to have the purpose of furthering a social, political, or ideological interest
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if evidence indicates a commitment to
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(1) eliminating, reducing, offsetting, or disclosing greenhouse gas
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emissions;
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(2) instituting or assessing corporate board or employee composition,
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compensation, or disclosure criteria based on social, political, or ideological
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characteristics or practices prohibited under AS 18.80.220;
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(3) divesting from, limiting investment in, or limiting the activities or
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investments of a company for failing, or not committing, to meet environmental
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standards or disclosures;
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(4) providing or limiting access to abortion, sex or gender change, or
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transgender surgery; or
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(5) divesting from, limiting investment in, or limiting the activities or
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investments of a company for engaging in, facilitating, or supporting the manufacture,
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distribution, sale, or use of firearms.
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* Sec. 3. AS 37.13.120 is amended by adding a new subsection to read:
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(f) The board may not take an action involving investment of the fund for the
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purpose of furthering a social, political, or ideological interest. Except as required
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under applicable federal or state law, an action is considered to have the purpose of
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furthering a social, political, or ideological interest if evidence indicates a commitment
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to
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(1) eliminating, reducing, offsetting, or disclosing greenhouse gas
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emissions;
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(2) instituting or assessing corporate board or employee composition,
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compensation, or disclosure criteria based on social, political, or ideological
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characteristics or practices prohibited under AS 18.80.220;
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(3) divesting from, limiting investment in, or limiting the activities or
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investments of a company for failing, or not committing, to meet environmental
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standards or disclosures;
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(4) providing or limiting access to abortion, sex or gender change, or
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transgender surgery; or
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(5) divesting from, limiting investment in, or limiting the activities or
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investments of a company for engaging in, facilitating, or supporting the manufacture,
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distribution, sale, or use of firearms.
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