SB 2291: North Dakota Prohibits State Investment Board from Making Social Investments
Summary
Enacted in March 2021 as an emergency measure, SB 2291 prohibits the state investment board from making “social investments” unless it can be demonstrated that such investment will perform at least as well as a similar non-social investment would. The law also directs the State’s Department of Commerce to report on (i) ESG-related investment policies, (ii) the state’s involvement with companies that consider ESG factors in their decisions, and (iii) the implications of companies boycotting energy or production agriculture commodities.
The law defines "social investment" as "the consideration of socially responsible criteria in the investment or commitment of public funds for the purpose of obtaining an effect other than a maximized return to the state."
Impacted Sectors
Additional Information
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