Bill Status of HB 5268   103rd General Assembly

Short Description:  U OF I-FOSSIL FUEL DIVESTMENT

House Sponsors
Rep. Will Guzzardi-Carol Ammons, Joyce Mason, Norma Hernandez, Abdelnasser Rashid and Lindsey LaPointe

Last Action  View All Actions

DateChamber Action
  4/5/2024HouseRule 19(a) / Re-referred to Rules Committee

Statutes Amended In Order of Appearance
110 ILCS 305/180 new

Synopsis As Introduced
Amends the University of Illinois Act. Provides that the Board of Trustees shall direct the University of Illinois Foundation, in accordance with sound investment criteria and consistent with fiduciary obligations, to not invest the assets of any endowment fund in the stocks, securities, or other obligations of any fossil fuel company or any subsidiary, affiliate, or parent of any fossil fuel company. Provides that this does not preclude the de minimis exposure of any funds held by the endowment fund to the stocks, securities, or other obligations of any fossil fuel company or any subsidiary, affiliate, or parent of any fossil fuel company. Requires the Board of Trustees to direct the University of Illinois Foundation to not invest in any prime commercial paper or corporate bonds issued by a fossil fuel company. Provides that, beginning one year after the effective date of the amendatory Act, the Board of Trustees, subject to an affirmative determination of prudence and in accordance with sound investment criteria and consistent with its fiduciary obligations, shall direct the University of Illinois Foundation to ensure that any endowment fund does not have any indirect investments; defines "indirect investment". Provides that the Board of Trustees shall direct the University of Illinois Foundation to adopt updates to its written investment policies, if necessary, to meet the requirements of these provisions and publish a copy of those updated policies within 90 days after the adoption of the updated policies. Effective immediately.

Actions 
DateChamber Action
  2/8/2024HouseFiled with the Clerk by Rep. Will Guzzardi
  2/9/2024HouseFirst Reading
  2/9/2024HouseReferred to Rules Committee
  2/21/2024HouseAdded Co-Sponsor Rep. Joyce Mason
  3/7/2024HouseAdded Chief Co-Sponsor Rep. Carol Ammons
  3/7/2024HouseChief Co-Sponsor Changed to Rep. Carol Ammons
  3/12/2024HouseAssigned to Higher Education Committee
  3/14/2024HouseAdded Co-Sponsor Rep. Norma Hernandez
  3/20/2024HouseTo Higher Ed-Degree Conferral Subcommittee
  4/5/2024HouseRule 19(a) / Re-referred to Rules Committee
  4/10/2024HouseAdded Co-Sponsor Rep. Abdelnasser Rashid
  11/13/2024HouseAdded Co-Sponsor Rep. Lindsey LaPointe

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