Signed by Governor Bill Lee

Vote Smart's Synopsis:

Vote to pass a bill that prohibits state investment of public funds for ESG investments.

Highlights:

• Defines Terms related to “Environmental, Social, and Governance Investments” (Sec. 1). 

• Requires the staff of the department of treasury investment division staff, under the supervision of the state treasurer, to invest, reinvest, manage, and select investment options for program assets for financial reasons for the exclusive benefit (Sec. 1). 

• Specifies that the state treasurer has sole authority to exercise voting rights when it comes to securities held by the program (Sec. 1). 

• Specifies that any decisions must be made solely with the intent of upholding the interests for the beneficiaries of the program (Sec. 1). 

• Specifies that the state treasurer has final say and authority over the proxy voting and has the power to enter into contracts with outside entities as seen fit (Sec. 1).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that prohibits state investment of public funds for ESG investments.

Highlights:

• Defines Terms related to “Environmental, Social, and Governance Investments” (Sec. 1). 

• Requires the staff of the department of treasury investment division staff, under the supervision of the state treasurer, to invest, reinvest, manage, and select investment options for program assets for financial reasons for the exclusive benefit (Sec. 1). 

• Specifies that the state treasurer has sole authority to exercise voting rights when it comes to securities held by the program (Sec. 1). 

• Specifies that any decisions must be made solely with the intent of upholding the interests for the beneficiaries of the program (Sec. 1). 

• Specifies that the state treasurer has final say and authority over the proxy voting and has the power to enter into contracts with outside entities as seen fit (Sec. 1).

Full Bill Text