HF 3900

as introduced - 89th Legislature (2015 - 2016) Posted on 04/14/2016 12:45pm

A bill for an act
relating to state government; requiring the State Board of Investment to develop
climate change risk management strategies; proposing coding for new law in
Minnesota Statutes, chapter 11A.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [11A.245] CLIMATE CHANGE RISKS AND OPPORTUNITIES.
new text end

new text begin (a) The State Board of Investment must develop climate change risk management
strategies. These strategies must include the following:
new text end

new text begin (1) In engaging with corporate management and in proxy voting for companies in
which the state board invests, the State Board of Investment shall take steps to ensure that
corporate boards of directors include members who have expertise and experience in
climate change risk management strategies.
new text end

new text begin (2) The State Board of Investment shall ensure that external managers hired to
invest the state board's portfolio are knowledgeable in climate change-related investment
risks and opportunities.
new text end

new text begin (b) For purposes of this section, climate change risks and opportunities include
those arising from: physical impacts of climate change; liabilities that may accrue from
physical loss claims, or due to persons suffering from climate change-related loss seeking
compensation; and financial risks from modifications in economic activity that may result
in revaluing assets and opportunities.
new text end