Legislation/Guidance in Effect
|
Title |
Key Dates |
Nature of |
ESG Category |
Summary |
| HB1018: Georgia Firearms Industry Nondiscrimination Act |
Effective Date Adopted Introduced 1/24/2024 |
Legislation | Target Entities That Boycott Certain Industries |
■ It shall be an unlawful discriminatory practice for any financial institution to require the usage of a firearms code in a way that distinguishes a firearms retailer that is physically located in Georgia from general merchandise retailers or sporting goods retailers, unless such required usage of a firearms code is based on a good faith conclusion that such action is required by applicable law or regulation. ■ Prohibits financial institutions from discriminating against a firearms retailer by declining a lawful payment card transaction based solely on the assignment or nonassignment of a firearms code; provided however that a financial institution may decline or otherwise refuse to process a payment if such action is requested by the customer or is the result of fraud prevention procedures or merchant category exclusions offered by the financial institution for the purpose of expenditure control or corporate payment card control. ■ Whenever the Attorney General has reason to believe that any person is engaging, has engaged, or is about to engage in any act or practice declared unlawful by this Act, the Attorney General shall bring an action against such person to: (1) Obtain a declaratory judgment that the act or practice violates the provisions of this Act; (2) Enjoin any act or practice that violates the provisions of this Act by issuance of a temporary restraining order or preliminary or permanent injunction, without bond, upon the giving of appropriate notice; and (3) Recover civil penalties of up to $10,000.00 per violation of this Act or any injunction, judgment, or consent order issued or entered into under the provisions of this chapter and reasonable expenses, investigative costs, and attorney's fees. |
| HB481/SB266: Public Retirement Systems Investment Authority Law; provide for a fiduciary duty |
Effective Date 7/1/2024 Adopted 5/6/2024 Introduced 2/16/2023 |
Legislation | Restrict Use of ESG Factors; Focus on Pecuniary Characteristics | ■ Amends the Georgia Public Retirement Systems Investment Authority Law to require a fiduciary duty to invest retirement assets solely in the financial interest of participants and their beneficiaries. Prohibits any nonpecuniary interests, including the furtherance of any social, political, or ideological interests. Holds fiduciaries accountable even if such responsibility is breached after delegation. ■ Additionally, the bill requires the fiduciary to vote and execute all voting proxies solely and exclusively in the best economic interests or rights of the retirement system. |
|
Adoption of General Statement of Investment Policy for the Employees' Retirement System of Georgia |
Adopted and in effect |
IPS Revisions |
Restrict Use of ESG Factors; Focus on Pecuniary Characteristics |
■ Requires that a fiduciary should select all investment services prudently, based solely on the pecuniary interests of the ultimate beneficiaries of the plan. The Trustees may not subordinate the interests of the participants and beneficiaries to other objectives and may not sacrifice investment return or increase risk to promote any non-pecuniary interests. Pecuniary interests do not include the furtherance of social, political, or ideological interests. |
