Title	Key Dates	Nature of Action	ESG Category	Summary
Attorney General praises BlackRock, JP Morgan, and State Street for their Withdrawal from Climate Action 100+	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Characteristics	■ Attorney General Sean D. Reyes praised "BlackRock, JP Morgan, State Street, and other firms who have withdrawn active participation in CA100+ [i.e., Climate Action 100+] and similar entities.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 7/1/2023	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.
	Adopted and in effect 7/1/2023	Attorney General Position
HB449: Prohibiting boycotting of companies that do not meet or commit to ESG criteria	Effective date 7/1/2023 Adopted 3/15/2023 Introduced 2/13/2023	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 3/14/2023 Introduced 2/21/2023	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 5/3/2023 Adopted 3/14/2023 Introduced 2/16/2023	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 5/3/2023 Adopted 3/14/2023 Introduced 1/13/2023	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	Effective date 5/3/2023 Adopted 3/13/2023 Introduced 1/23/2023	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.
Treasurer Announces Divestment from BlackRock	Introduced 9/18/2022	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.
Treasurer’s Statement on ESG	Introduced 5/16/2022	IPS Revisions	Restrict Use of ESG Factors; Focus on Pecuniary Characteristics	■ States that the Treasurer “is committed to pushing back against ESG.”

Legislation/Guidance in Effect

Past/Inactive Legislation

Contacts