MN HF2294

Prohibits the State Board of Investment from making new investments in stocks, debt, or securities of fossil fuel companies effective July 1, 2019.

Requires the State Board of Investment to divest from all direct holdings in fossil fuel companies by July 1, 2024, in accordance with prudent investment standards.

Defines "fossil fuel company" as any of the 200 largest publicly traded fossil fuel companies ranked by carbon content in proven oil, gas, and coal reserves, including subsidiaries, affiliates, and parent companies.

Requires annual reporting by January 15 to legislative committees listing all fossil fuel companies, current investments and their values, and divested securities and their values, based on holdings as of June 30 of the preceding year.

Applies only to Minnesota combined investment funds under section 11A.14 and exempts the State Board from conflicting statutory or common law obligations in complying with these requirements.