H3690: ESG

Legislative Summary

Amend The South Carolina Code Of Laws By Enacting The "esg Pension Protection Act" By Amending Section 9-16-10, Relating To Retirement System Funds Definitions, So As To Add A Definition Of "pecuniary Factor"; By Amending Section 9-16-30, Relating To Delegation Of Functions By The Commission, So As To Provide That Proxy Voting Decisions Must Be Based On Pecuniary Factors; By Amending Section 9-16-50, Relating To Investment And Management Considerations By Trustees, So As To Provide That The Commission May Only Consider Pecuniary Factors In Making Certain Investment Decisions; By Amending Section 9-16-320, Relating To Annual Investment Plans, So As To Require Certain Meetings; By Amending Section 9-16-330, Relating To Statement Of Actuarial Assumptions And Investment Objectives, So As To Require Certain Certifications; And By Adding Section 9-16-110 So As To Provide That The Attorney General May Bring An Action To Enforce Certain Provisions. - Ratified Title