MN SF3198

State Board of Investment must prepare a report on the feasibility of divesting from companies involved in exploration, production, development, transportation, or sale of fossil fuels to slow climate change.

Report must describe fiduciary duties and prudent person standards governing retirement fund investments, define fossil fuel and renewable energy investments, and assess current fossil fuel exposure in retirement funds.

Report must evaluate concerns and costs of divestment, identify approaches available to public institutional investors for addressing climate change, and assess alternatives to divestment including renewable energy investment and fossil fuel company engagement.

Report must summarize how other public pension plans address climate change, describe current climate change considerations in state retirement fund investments, and develop metrics to assess divestment impacts and adverse consequences.

State Board of Investment shall deliver the report by February 1, 2017, to the Legislative Commission on Pensions and Retirement.