HB 303 Summary

• Establishes fiduciary duties for the Alaska Retirement Management Board requiring investment decisions based solely on pecuniary (financial) interests for defined benefit plans, prohibiting consideration of environmental, social, or governance (ESG) factors unless they present material economic risk or opportunity.

• Requires live broadcast and 10-year archival of all board meetings for both the Retirement Management Board and Alaska Permanent Fund Corporation Board, with expected proxy votes published before voting.

• Mandates annual reports to the Department of Revenue detailing investment relationships, including limited partnerships, investment managers, fees, and performance metrics compared to passive benchmarks.

• Adds requirements for trustees to execute written agreements to act only on pecuniary factors and restricts proxy voting delegation to firms that commit in writing to pecuniary-interest-only voting guidelines, with 14-day advance notice of expected votes.

• Takes effect immediately upon enactment.