HB 6

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                                       HOUSE BILL NO. 6
                      IN THE LEGISLATURE OF THE STATE OF ALASKA
                      THIRTY-FOURTH LEGISLATURE - FIRST SESSION
 BY REPRESENTATIVES MCCABE, Vance
 Introduced: 1/22/25
 Referred: Judiciary, Finance
                                              A BILL
                                    FOR AN ACT ENTITLED
1 "An Act restricting fiduciary actions by a fiduciary of a state fund, the Alaska
2 Retirement Management Board, and the Alaska Permanent Fund Corporation Board
3 that have the purpose of furthering social, political, or ideological interests."
4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:
5   * Section 1. AS 37.10.071 is amended by adding a new subsection to read:
6(g) The fiduciary of a state fund may not take an action involving investment
7under this section for the purpose of furthering a social, political, or ideological
8interest. Except as required under applicable federal or state law, an action is
9considered to have the purpose of furthering a social, political, or ideological interest
10if evidence indicates a commitment to
11(1)   eliminating, reducing, offsetting, or disclosing greenhouse gas
12emissions;
13(2) instituting or assessing corporate board or employee composition,
14compensation, or disclosure criteria based on social, political, or ideological
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1characteristics or practices prohibited under AS 18.80.220;
2(3) divesting from, limiting investment in, or limiting the activities or
3investments of a company for failing, or not committing, to meet environmental
4standards or disclosures;
5(4) providing or limiting access to abortion, sex or gender change, or
6transgender surgery; or
7(5) divesting from, limiting investment in, or limiting the activities or
8investments of a company for engaging in, facilitating, or supporting the manufacture,
9distribution, sale, or use of firearms.
10  * Sec. 2. AS 37.10.220 is amended by adding a new subsection to read:
11(d) The board may not take an action involving investment of the funds
12entrusted to the board for the purpose of furthering a social, political, or ideological
13interest. Except as required under applicable federal or state law, an action is
14considered to have the purpose of furthering a social, political, or ideological interest
15if evidence indicates a commitment to
16(1)   eliminating, reducing, offsetting, or disclosing greenhouse gas
17emissions;
18(2) instituting or assessing corporate board or employee composition,
19compensation, or disclosure criteria based on social, political, or ideological
20characteristics or practices prohibited under AS 18.80.220;
21(3) divesting from, limiting investment in, or limiting the activities or
22investments of a company for failing, or not committing, to meet environmental
23standards or disclosures;
24(4) providing or limiting access to abortion, sex or gender change, or
25transgender surgery; or
26(5) divesting from, limiting investment in, or limiting the activities or
27investments of a company for engaging in, facilitating, or supporting the manufacture,
28distribution, sale, or use of firearms.
29  * Sec. 3. AS 37.13.120 is amended by adding a new subsection to read:
30(f) The board may not take an action involving investment of the fund for the
31purpose of furthering a social, political, or ideological interest. Except as required
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1under applicable federal or state law, an action is considered to have the purpose of
2furthering a social, political, or ideological interest if evidence indicates a commitment
3to
4(1)   eliminating, reducing, offsetting, or disclosing greenhouse gas
5emissions;
6(2) instituting or assessing corporate board or employee composition,
7compensation, or disclosure criteria based on social, political, or ideological
8characteristics or practices prohibited under AS 18.80.220;
9(3) divesting from, limiting investment in, or limiting the activities or
10investments of a company for failing, or not committing, to meet environmental
11standards or disclosures;
12(4) providing or limiting access to abortion, sex or gender change, or
13transgender surgery; or
14(5) divesting from, limiting investment in, or limiting the activities or
15investments of a company for engaging in, facilitating, or supporting the manufacture,
16distribution, sale, or use of firearms.
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