New Hampshire HB 1585: relative to environmental, social, and governance-related investment strategies by the state retirement system.

Bill Text

HB 1585-FN - AS INTRODUCED

2026 SESSION

 26-3240

 07/08

HOUSE BILL 1585-FN

AN ACT relative to environmental, social, and governance-related investment strategies by the state retirement system.

SPONSORS: Rep. Ammon, Hills. 42; Rep. Kofalt, Hills. 32; Rep. Miles, Hills. 12; Rep. Post, Hills. 42; Sen. McGough, Dist 11

COMMITTEE: Executive Departments and Administration

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ANALYSIS

 This bill requires state and local public retirement systems to discharge their duties solely in the financial interest of the participants and beneficiaries.

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Explanation: Matter added to current law appears in bold italics.

 Matter removed from current law appears [in brackets and struckthrough.]

 Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

 26-3240

 07/08

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Twenty-Six

AN ACT relative to environmental, social, and governance-related investment strategies by the state retirement system.

Be it Enacted by the Senate and House of Representatives in General Court convened:

 1 The State And Its Government; Public Retirement System Fiduciary Duty Act. New Chapter; PUBLIC RETIREMENT SYSTEM FIDUCIARY DUTY ACT. Amend RSA by inserting after chapter 5-D the following new chapter: 

CHAPTER 5-E

PUBLIC RETIREMENT SYSTEM FIDUCIARY DUTY ACT

 5-E:1 Definitions. In this chapter: 

 I. “Fiduciary” means any person who exercises any discretionary authority or control of management of the retirement system, exercises any authority or control over management or disposition of its assets, renders investment advice for a fee or other compensation, whether direct or indirect, with respect to any moneys or other property of the retirement system, or has the authority or responsibility to do so, or has any discretionary authority or responsibility in the administration of the retirement system. 

 II. “Fiduciary commitment" means any purpose or motive of a fiduciary in managing a portfolio or the investment of state funds. Evidence of a fiduciary commitment may include any evidence of a fiduciary’s purpose or motive in managing assets as a fiduciary, including, but not limited to, any of the following in a fiduciary’s capacity as a fiduciary: 

 (a) Advertising, statements, explanations, reports, communications with portfolio companies, shareholder votes by the fiduciary, statements of principles, or commitments; or 

 (b) Participation in, affiliation with, or status as a signatory to, any coalition, initiative, joint statement of principles, or agreement to act or to endeavor to act in furtherance of environmental, social, political, or ideological interests. 

 III. “Financial” means having been prudently determined by a fiduciary to have a material effect on the financial risk or the financial return of an investment. 

 (a) “Financial” shall not include any action taken, or factor considered, by a fiduciary with any purpose whatsoever to further environmental, social, political, or ideological interests. 

 (b) A fiduciary may reasonably be determined to have taken an action, or considered a factor, with a purpose to further environmental, social, political, or ideological interests based upon evidence indicating such a purpose, including any fiduciary commitment to further, through portfolio company engagement, board or shareholder votes, or otherwise as a fiduciary, any of the following beyond what controlling federal or state law requires: 

 (1) Directly or indirectly eliminating, reducing, offsetting, or disclosing greenhouse gas emissions, including by restricting the exploration, production, utilization, transportation, sale, or manufacturing of timber, mining, agriculture, or fossil-fuel-based energy; 

 (2) Instituting or assessing corporate board, or employment, composition, compensation, or disclosure criteria that incorporates characteristics protected in this state under RSA 354-B; 

 (3) Divesting from, limiting investment in, or limiting the activities or investments of, any company, for failing, or not committing, to meet environmental standards or disclosures;

 (4) Access to abortion, sex or gender change or transgender surgery; or

 (5) Divesting from, limiting investment in, or limiting the activities or investments of, any company that engages in, facilitates, or supports the lawful manufacture, import, distribution, marketing or advertising, sale, or use of firearms, ammunition or components parts and accessories of firearms or ammunition. 

 IV. “Public retirement system” means any retirement or pension system or plan maintained, provided or offered by: 

 (a) The state or any political subdivision of the state; or

 (b) Any schoo