Bill Text: NJ A4490 | 2018-2019 | Regular Session | Introduced
Bill Title: Requires State Investment Council to adopt policy for socially conscious investing.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2018-09-24 - Introduced, Referred to Assembly State and Local Government Committee [A4490 Detail]
Download: New_Jersey-2018-A4490-Introduced.html
Sponsored by:
Assemblyman ERIC HOUGHTALING
District 11 (Monmouth)
SYNOPSIS
Requires State Investment Council to adopt policy for socially conscious investing.
CURRENT VERSION OF TEXT
As introduced.
An Act requiring the State Investment Council to adopt a policy for making socially conscious investment decisions, supplementing P.L.1950, c.270 (C.52:18A-79 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. The State Investment Council shall adopt a formal policy which shall guide the Director of the Division of Investment in making socially conscious investment decisions consistent with fiduciary standards. The policy shall include guidance on considering the environmental, social, and corporate governance impact of the division's investments.
2. This act shall take effect 90 days following the date of enactment.
STATEMENT
This bill requires the State Investment Council to adopt a policy with respect to socially conscious investing. The policy will guide how the Division of Investment should make socially responsible investment decisions, including guidance on considering environmental, social, and corporate governance ("ESG") factors.
The State Investment Council recently created an ESG subcommittee, and the Division of Investment has taken ESG initiatives with respect to investments. This bill ensures that those efforts continue and a formal policy is adopted.
