Title	Key Dates	Nature of Action	ESG Category	Summary
HB1429: Act relating to unfair discrimination in the business of insurance and the investment and management of public funds	Effective date 4/26/2023 Adopted 4/26/2023 Introduced 1/17/2023	Legislation	Restrict Use of ESG Factors; Focus on Pecuniary Characteristics	■Except as otherwise provided in a state investment policy relating to the investment of the legacy fund and unless the state investment board can demonstrate a social investment would provide an equivalent or superior rate of return compared to a similar investment that is not a social investment and has a similar time horizon and risk, the state investment board may not invest state funds for the purpose of social investment.
HCR3013: Urging the federal government to refrain from enacting regulations that threaten the reliability and affordability of electric power in North Dakota	Adopted and in effect 3/24/2023 Introduced 1/26/2023	Legislation	Restrict Use of ESG Factors; Focus on Pecuniary Characteristics	■Urges the federal government to refrain from enacting regulations that threaten the reliability and affordability of electric power in North Dakota and to increase support for research, development, and deployment for next generation carbon-based energy generation.
SB2291: Social Investment—Prohibition	Effective date 3/24/2021 Adopted 3/24/2021 Introduced 1/25/2021	Legislation	Restrict Use of ESG Factors; Focus on Pecuniary Characteristics	■Applies to the State Investment Board. ■Prohibits "social investment," defined as an investment made for a purpose other than maximizing returns to the state, unless the Board can demonstrate that the investment will perform at least as well as a similar non-social investment.

Title	Key Dates	Nature of Action	ESG Category	Summary
HB1469: Prohibiting consideration of ESG factors	Introduced, but did not pass in the 2023 legislative session	Legislation	Restrict Use of ESG Factors; Focus on Pecuniary Characteristics	■Requires a state plan fiduciary to consider pecuniary factors when evaluating an investment or discharging its duties with respect to a plan. Prohibits consideration of nonpecuniary factors by fiduciaries when evaluating an investment or discharging its duties with respect to a plan. Defines “nonpecuniary factors” as any factor intended to further or promote a political, social, or other nontraditional goal or standard without regard to the investment objectives and funding policy of a plan.
HB1278: Requiring Support of State Fossil Fuel and Agriculture Industries	Introduced, but did not pass in the 2023 legislative session	Legislation	Target Entities That Boycott Certain Industries	■Prohibits any designated agent acting as a custodian of securities purchased on behalf of funds managed by the State Investment Board from being a member of any association that has not publicly supported North Dakota’s fossil fuel and agriculture industries. ■Requires agents offering advisory services to support such industries.

Legislation/Guidance in Effect

Past/Inactive Legislation

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