A New Hampshire Senate committee voted unanimously Feb. 14 to oppose an anti-ESG bill that would restrict investments by the New Hampshire Retirement System and any state entity that invests taxpayer money.
By a 5-0 vote, the Executive Departments and Administration Committee sent the bill to the full Senate, which is scheduled to meet the week of Feb. 19 The committee held a public hearing Jan. 31.
The bill, proposed by six Republicans, said investing taxpayer dollars "does not include any action taken, or factor considered, by a fiduciary with any purpose whatsoever to further social, political or ideological interests" beyond what is permitted by state or federal law.
Prohibited interests include limiting investments or divesting from gun manufacturers; limiting investments or divesting from companies that don't meet environmental standards; and assessing corporate boards' governance policies on compensation, composition and employment. Other prohibited interests include reducing or disclosing greenhouse gas emissions and providing "access to abortion, sex or gender change or transgender surgery."
The Senate bill is the second anti-ESG measure considered by the state Legislature this year. In the House, three GOP members sponsored a bill that would have made it a felony for any state or pension official investing taxpayer dollars to knowingly use environmental, social and governance criteria in making investments.
The trustees of the $11.8 billion New Hampshire Retirement System, Concord, opposed both bills, saying they oppose any legislation that interferes with the retirement system's fiduciary duties.
A House committee voted 13-0 to oppose the bill Jan. 30. By voice vote, the full House rejected the bill Jan. 8.
