HB19-1270 Summary

• PERA's Board of Trustees must retain an independent third-party organization with public sector pension plan experience to conduct a climate-related financial risk analysis by October 31, 2019.

• The board must conduct a competitive selection process and select an organization with a history of unbiased results and no conflicts of interest related to fossil fuel corporations.

• The selected organization must analyze PERA's portfolio exposure to climate risks, summarize climate-related engagement activities, and recommend additional actions including proxy votes and shareholder proposals.

• The board must deliver a report to the general assembly by July 15, 2020 detailing the organization's findings on climate-related financial risks to PERA's trust funds.

• "Climate-related financial risk" includes material financial risks from extreme weather, rising sea levels, carbon emissions damages, and economic impacts from climate policy and shifting consumer attitudes.