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LA SB7
Bill
Status
2/28/2025
Primary Sponsor
Valarie Hodges
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AI Summary
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Third-party service providers managing Louisiana public retirement system assets must base investment decisions solely on financial factors, excluding environmental, social, political, or ideological considerations (ESG factors)
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Shareholder proxy votes must be cast based only on financial factors, and retirement systems are prohibited from selling their proxy voting rights
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Retirement systems must annually report all proxy votes related to publicly managed assets on a publicly available webpage
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The Attorney General has exclusive authority to investigate violations and may bring legal action in the 19th Judicial District Court, with potential damages up to three times the fees paid to the violating service provider
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Effective June 30, 2025
Legislative Description
Requires fiduciaries of public retirement systems to make investment decisions based solely on financial factors. (6/30/25) (OR SEE ACTUARIAL NOTE APV)
RETIREMENT BENEFITS
Last Action
Introduced in the Senate; read by title. Rules suspended. Read second time and referred to the Committee on Retirement.
4/14/2025