IL HB5268 | 2023-2024 | 103rd General Assembly
Status
Spectrum: Partisan Bill (Democrat 8-0)
Status: Introduced on February 8 2024 - 25% progression, died in committee
Action: 2024-12-17 - Added Co-Sponsor Rep. Laura Faver Dias
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 8 2024 - 25% progression, died in committee
Action: 2024-12-17 - Added Co-Sponsor Rep. Laura Faver Dias
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the University of Illinois Act. Provides that the Board of Trustees shall direct the University of Illinois Foundation, in accordance with sound investment criteria and consistent with fiduciary obligations, to not invest the assets of any endowment fund in the stocks, securities, or other obligations of any fossil fuel company or any subsidiary, affiliate, or parent of any fossil fuel company. Provides that this does not preclude the de minimis exposure of any funds held by the endowment fund to the stocks, securities, or other obligations of any fossil fuel company or any subsidiary, affiliate, or parent of any fossil fuel company. Requires the Board of Trustees to direct the University of Illinois Foundation to not invest in any prime commercial paper or corporate bonds issued by a fossil fuel company. Provides that, beginning one year after the effective date of the amendatory Act, the Board of Trustees, subject to an affirmative determination of prudence and in accordance with sound investment criteria and consistent with its fiduciary obligations, shall direct the University of Illinois Foundation to ensure that any endowment fund does not have any indirect investments; defines "indirect investment". Provides that the Board of Trustees shall direct the University of Illinois Foundation to adopt updates to its written investment policies, if necessary, to meet the requirements of these provisions and publish a copy of those updated policies within 90 days after the adoption of the updated policies. Effective immediately.
Title
U OF I-FOSSIL FUEL DIVESTMENT
Sponsors
Rep. Will Guzzardi [D] | Rep. Carol Ammons [D] | Rep. Joyce Mason [D] | Rep. Norma Hernandez [D] |
Rep. Abdelnasser Rashid [D] | Rep. Lindsey LaPointe [D] | Rep. Barbara Hernandez [D] | Rep. Laura Faver Dias [D] |
History
Date | Chamber | Action |
---|---|---|
2024-12-17 | House | Added Co-Sponsor Rep. Laura Faver Dias |
2024-12-11 | House | Added Co-Sponsor Rep. Barbara Hernández |
2024-11-13 | House | Added Co-Sponsor Rep. Lindsey LaPointe |
2024-04-10 | House | Added Co-Sponsor Rep. Abdelnasser Rashid |
2024-04-05 | House | Rule 19(a) / Re-referred to Rules Committee |
2024-03-20 | House | To Higher Ed-Degree Conferral Subcommittee |
2024-03-14 | House | Added Co-Sponsor Rep. Norma Hernandez |
2024-03-12 | House | Assigned to Higher Education Committee |
2024-03-07 | House | Chief Co-Sponsor Changed to Rep. Carol Ammons |
2024-03-07 | House | Added Chief Co-Sponsor Rep. Carol Ammons |
2024-02-21 | House | Added Co-Sponsor Rep. Joyce Mason |
2024-02-09 | House | Referred to Rules Committee |
2024-02-09 | House | First Reading |
2024-02-08 | House | Filed with the Clerk by Rep. Will Guzzardi |
Code Citations
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5268&GAID=17&DocTypeID=HB&SessionID=112&GA=103 |
Text | https://www.ilga.gov/legislation/103/HB/10300HB5268.htm |