2024 Upcoming Elections
- Governor – incumbent (Republican) running for re-election
- Atty. General – incumbent (Republican) not running
- Treasurer – incumbent (Republican) running for re-election
Legislation/Guidance in Effect
Title |
Key Dates |
Nature of |
ESG Category |
|
|
Adopted and in effect 2/16/2024 |
Attorney General Position | Restrict Use of ESG Factors; Focus on Pecuniary Characteristics | ■ Attorney General Sean D. Reyes praised "BlackRock, JP Morgan, State Street, and other firms who have withdrawn active participation in CA100+ [i.e., Climate Action 100+] and similar entities. It seems these companies have finally come to their senses and now realize not only the negative policy implications but also the potential legal ramifications of entanglement with CA100+.” | ||
Attorney General testified at the US House Oversight Committee's ESG Hearing |
Adopted and in effect |
Attorney General Position |
Restrict Use of ESG Factors; Focus on Pecuniary Characteristics |
■ On May 10, 2023, Utah Attorney General Sean Reyes testified at the U.S. House Oversight Committee's ESG hearing, calling into question asset managers that have joined various global coalitions like the Net Zero Asset Managers Alliance, proxy advisory firms that allegedly recommend votes on the basis of collateral factors, and that the DOL's ESG rule eliminates protections for ERISA plan participants and harms consumers. |
|
HB449: Prohibiting boycotting of companies that do not meet or commit to ESG criteria |
Effective date Adopted |
Legislation |
Target Entities That Boycott Certain Industries |
■ Prohibits a company from coordinating or conspiring with another company to eliminate the viable options for the boycotted company to obtain the product or service with the specific intent of destroying a boycotted company and without an ordinary business purpose. "Boycotted company" is defined as including companies that do not meet or commit to meet ESG criteria. |
|
SCR9: Concurrent Resolution Opposing Efforts to Weaken the Economy or Restrict Energy Supply |
Adopted and in effect |
Legislation |
Restrict Use of ESG Factors; Focus on Pecuniary Characteristics |
■ Congressional resolution encouraging (1) the Attorney General to provide legal advice on the risks of using ESG criteria and take legal action when necessary and (2) the State Treasurer to implement investment policies restricting the use of ESG criteria in selection of investments for state portfolios. |
|
SB96: Addressing Fiduciary Duties for Management of Government Funds |
Effective date Adopted |
Legislation |
Restrict Use of ESG Factors; Focus on Pecuniary Characteristics |
■ Requires a person who manages or invests funds on behalf of a governmental entity or votes on an ownership share in a governmental entity to consider only financial factors. “Financial factor” does not include a factor considered by a fiduciary for the purpose of furthering a social, political, or ideological interest. |
|
SB97: Public Contract Requirements |
Effective date Adopted Introduced |
Legislation | Target Entities That Boycott Certain Industries | ■ Prohibits public entities from entering into contracts with companies that do not certify to not engaging in a boycott of the firearms, fossil fuel or other industries. | |
HB281: Social Credit Score Amendments
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Effective date 5/3/2023 Adopted Introduced |
Legislation |
Prohibit Discrimination on Basis of Social Credit or ESG Scores |
■ Prohibits a governmental entity from using, enforcing, providing data for use in, or otherwise participating in the creation or use of a system that, based on a social credit score, discriminates against, advocates for, or causes adverse or preferential treatment of a person. |
|
Introduced |
Treasurer Position |
Target Entities That Boycott Certain Industries |
■ State Treasurer Marlo Oaks transferred approximately $100 million in state money previously managed by BlackRock to different asset managers. Oaks claimed that by pushing ESG factors instead of bringing the best financial return to state taxpayers that BlackRock posed a threat to citizens. |
||
Introduced |
IPS Revisions |
Restrict Use of ESG Factors; Focus on Pecuniary Characteristics |
■ States that the Treasurer “is committed to pushing back against ESG.” |
Past/Inactive Legislation
Title |
Key Dates |
Nature of |
ESG Category |
|
|
Introduced, but did not pass in the 2022 legislative session |
Legislation |
Target Entities That Boycott Certain Industries |
■ Prohibits Utah public entities from entering into a contract with a company for goods or services worth at least $100,000 and paid at least partly from public funds unless the company verifies in writing that it does not boycott energy companies and will not do so during the contract term. Only applies to companies with at least 10 full-time employees. |