Title	Key Dates	Nature of Action	ESG Category	Summary
HB1506/SB1227: Relating to the Employees’ Retirement System of the State of Hawaii	Introduced, but did not pass the 2024 legislative session	Legislation	Promote ESG Factors in Investment and/or Proxy Voting Decisions	■ Amends Section 88-119 of the Hawaii Revised Statute to encourage the employees' retirement system to invest in opportunities in industries that will sustain Hawaii's natural environment or produce economic opportunities for residents, including renewable energy businesses and businesses that use the investment capital to acquire the infrastructure and services needed to become energy-sustainable. ■ In addition to the board's requirement to report on Hawaii venture capital investments, the board must include in its annual report the rationale for a determination that it is not prudent to invest in such industries.
HB1505/SB1226: Relating to the Hawaii Employer-Union Health Benefits Trust Fund	Introduced, but did not pass the 2024 legislative session	Legislation	Promote ESG Factors in Investment and/or Proxy Voting Decisions	■ Appropriates out of the general revenue of the state of Hawaii a certain amount of money as necessary for fiscal year 2023–2024 for the Hawaii Employer-Union Health Benefits Trust Fund to develop a program that considers investment opportunities in industries that will sustain Hawaii's natural environment or produce economic opportunities for its residents (similar to the program referred to in HB1506/SB1227 above) .
SB423: Relating to the Employees' Retirement System	Introduced, but did not pass the 2024 legislative session	Legislation	Promote Divestment from Certain Industries	■ Requires the public fund to assemble and report a list of fossil fuel companies in which the public fund has direct or indirect holdings and to update the list quarterly. Requires divestment from listed companies over a period of five years. ■ For indirect holdings in actively managed investment funds, the public fund must inform the managers that they have five years to provide an alternative or the public fund will divest. Requires the public fund to conduct a search of actively managed investment funds with indirect holdings devoid of fossil fuel companies.
HB557 HD1/SB488: Employees’ Retirement System; Investments; Divestment; Renewable Energy Sources	Introduced, but did not pass in the 2021 legislative session	Legislation	Promote Divestment from Certain Industries	■ Applies to the board of the Employees' Retirement System (ERS) of Hawaii. ■ Requires the ERS to re-evaluate its investments in coal, oil, natural gas, oil or natural gas services, and pipeline companies and, over the next five years, divest of holdings in any companies that have a majority of their holdings invested in fossil fuels rather than clean, renewable energy sources. Effective: July 1, 2050.
HB1205/SB801: Proposal to Require ESG Investing	Introduced, but did not pass in the 2021 legislative session	Legislation	Promote ESG Factors in Investment and/or Proxy Voting Decisions	■ Requires a public investment fund to develop, publish, and implement socially responsible investment policies and submit an annual report to the legislature disclosing its investments that are in accord with ESG investing and socially responsible investment policies.

Past/Inactive Legislation

Contacts