HI SB801

Requires each public investment fund in Hawaii to develop, publish, and implement socially responsible investment policies incorporating environmental, social, and governance (ESG) factors in all investment decisions and portfolio management.

Mandates consideration of five categories of sustainability factors: corporate governance and leadership, environmental impacts, social capital impacts, human capital factors, and innovation factors that address climate change risks.

Requires annual legislative reports beginning in 2022 disclosing investment returns, fees paid to managers and related parties, carried interest distributions, and pro rata shares of portfolio company fees and expenses.

Mandates private capital vehicles disclose investments made in Hawaii, jobs created or lost, tax revenues generated, tax benefits received, state/municipal subsidies, lobbying fees, and environmental and social impact assessments.

Allows public investment funds to satisfy requirements by adopting the United Nations-supported Principles for Responsible Investment framework or substantially similar criteria; effective July 1, 2021.