Ethan Manning
- Republican
- Representative
- District 23
Author
Specifies certain entities, actions taken, or factors considered to which the ESG commitment provisions do not apply. Provides that if the treasurer of state concludes that the service provider has made an ESG commitment, the treasurer of state shall provide the name of the service provider and research supporting the conclusion to the board of trustees of the Indiana public retirement system (board). Prohibits the board from making an investment decision with the purpose of influencing any social or environmental policy or attempting to influence the governance of any corporation for nonfinancial purposes. Prohibits the Indiana public retirement system (system) from making an ESG commitment with respect to system assets. Provides that in making and supervising investments of the system, the board shall discharge its duties solely in the financial interest of the participants and beneficiaries of the system for the exclusive purposes of providing financial benefits to participants and beneficiaries and defraying reasonable expenses of administering the system. Provides that the board, in accordance with certain fiduciary duties, shall make investment decisions with the primary purpose of maximizing the target rate of return on the board's investments. Prohibits the board from entering a contract or modifying, amending, or continuing a contract with a service provider that has made an ESG commitment unless taking the action violates the board's fiduciary duty to the system's participants and beneficiaries. Requires the board to continue contracting with a service provider that has made an ESG commitment if the board determines that there is not a comparable service provider to replace the service provider. Requires the board to, at least annually, tabulate and report all proxy votes made by a service provider that is not a private market fund in relation to the administration of the system. Specifies certain persons and entities that are immune from civil liability and entitled to indemnification. Requires the board to: (1) ensure that reasonable efforts are made during the due diligence process before an investment is made and in monitoring investments in the public employees' defined contribution plan, an annuity savings account for the public employees' retirement fund or the Indiana state teachers' retirement fund, the teachers' defined contribution plan, the legislators' defined contribution plan, and a private market fund to determine whether any investments would violate the requirement that the board discharge its duties solely in the financial interest of the participants and beneficiaries of the system; and (2) take appropriate action, if necessary, consistent with the board's fiduciary duties. Defines terms and makes conforming amendments.
Public Law 206
Signed by the Governor
Signed by the Speaker
Signed by the President of the Senate
Signed by the President Pro Tempore
Motion to concur filed
House concurred in Senate amendments; Roll Call 488: yeas 66, nays 29
Returned to the House with amendments
Third reading: passed; Roll Call 382: yeas 38, nays 9
Second reading: amended, ordered engrossed
Amendment #1 (Holdman) prevailed; voice vote
Committee report: amend do pass, adopted
Senator Crane added as cosponsor
Senator Rogers added as cosponsor
First reading: referred to Committee on Pensions and Labor
Referred to the Senate
Representative Wesco added as coauthor
Rule 105.1 suspended
Representatives Soliday, Prescott, Abbott D, McGuire J, Morris, Lehman, May, Teshka J, Bartels, Judy, Greene R, Lauer, Goodrich, Mayfield, Snow C, Davis M, Morrison, Borders, Behning, Haggard C, Culp K, Lucas, Sweet L, Frye, Aylesworth, Ledbetter C, Payne Z, Engleman, Heaton, Cherry, Jordan, Patterson L, Vermilion A, Barrett, DeVon, Criswell C, Steuerwald, King J, Miller D, Pressel, Cash B, Jeter C, Heine added as coauthors
Third reading: passed; Roll Call 238: yeas 66, nays 30
Representative Hostettler added as coauthor
Senate sponsors: Senators Holdman, Koch, Busch
Second reading: ordered engrossed
Amendment #5 (Hatfield) failed; Roll Call 208: yeas 29, nays 65
Amendment #10 (Hatfield) failed; Roll Call 216: yeas 29, nays 63
Amendment #7 (Johnson) failed; Roll Call 214: yeas 29, nays 66
Amendment #9 (DeLaney) ruled out of order
Amendment #8 (DeLaney) failed; Roll Call 215: yeas 29, nays 66
Amendment #4 (Bauer M) failed; Roll Call 213: yeas 28, nays 66
Amendment #2 (Gore) failed; Roll Call 212: yeas 29, nays 66
Amendment #1 (Harris) failed; Roll Call 211: yeas 29, nays 66
Amendment #6 (Johnson) failed; Roll Call 210: yeas 29, nays 64
Amendment #3 (Gore) failed; Roll Call 209: yeas 29, nays 66
Committee report: amend do pass, adopted
Committee report: amend do pass, adopted
Referred to the Committee on Ways and Means pursuant to House Rule 127
First reading: referred to Committee on Financial Institutions
Coauthored by Representatives Speedy and Lindauer
Authored by Representative Manning
| Bill Text Versions | Format |
|---|---|
| Introduced House Bill (H) | |
| House Bill (H) | |
| House Bill (H) | |
| House Bill (S) | |
| Engrossed House Bill (S) | |
| Enrolled House Bill (H) |
| Document | Format |
|---|---|
| Fiscal Note: HB1008.06.ENRS.FN001 |
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