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ARTICLE · 06 FEBRUARY 2024

Energy & Sustainability Litigation Updates — February 2024

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

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Recently, a pair of bills were proposed in the New Hampshire state legislature that would make it a felony to knowingly invest state or taxpayer funds based upon ESG criteria ...

United StatesEnergy and Natural Resources

State Regulations

Recently, a pair of bills were proposed in the New Hampshire state legislature that would make it a felony to knowingly invest state or taxpayer funds based upon ESG criteria in violation of fiduciary duty. Specifically, the bill in the New Hampshire House of Representatives compels the state retirement fund to "adhere to their fiduciary obligation and not invest with any firm that will invest state retirement funds in investment funds that consider environmental, social, and governance criteria." Similarly, the bill in the New Hampshire Senate defines investment responsibility to "not include any action taken, or factor considered, by a fiduciary with any purpose whatsoever to further social, political, or ideological interests." Neither bill has yet been enacted into law, but each would follow a trend of actions by the New Hampshire state government that seek to discourage the use of ESG factors in investing. While this pair of bills is

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