Text of Local Option Divestment bill

Draft Text for HD.2817*:

AN ACT AUTHORIZING INDEPENDENT RETIREMENT SYSTEMS TO DIVEST FROM FOSSIL FUEL COMPANIES

SECTION 1. Notwithstanding any general or special law to the contrary, any independent Retirement System may, in accordance with the procurement process described in M.G.L. c. 32, § 23B, divest in whole or in part from any investment in fossil fuel companies. In accordance with this provision, an independent retirement system may, after following the process described in M.G.L. c. 32, § 23B, invest in index funds or other investment vehicles that may not include fossil fuel companies. For the purposes of this section, fossil fuel companies shall be defined as follows: “Fossil fuel company”, a company identified by a Global Industry Classification System code in one of the following sectors: (1) coal and consumable fuels; (2) integrated oil and gas; (3) oil and gas exploration and production.

SECTION 2. This act shall take effect upon its passage.

*Being reviewed by House Counsel.