Illinois House Bill 5268

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Spectrum: Partisan Bill (Democrat 5-0)
Status: Introduced on February 8 2024 - 25% progression
Action: 2024-04-10 - Added Co-Sponsor Rep. Abdelnasser Rashid
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

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.

U OF I-FOSSIL FUEL DIVESTMENT

Rep. Will Guzzardi [D]	Rep. Carol Ammons [D]	Rep. Joyce Mason [D]	Rep. Norma Hernandez [D]
Rep. Abdelnasser Rashid [D]

Date	Chamber	Action
2024-04-10	House	Added Co-Sponsor Rep. Abdelnasser Rashid
2024-04-05	House	Rule 19(a) / Re-referred to Rules Committee
2024-03-20	House	To Higher Ed-Degree Conferral Subcommittee
2024-03-14	House	Added Co-Sponsor Rep. Norma Hernandez
2024-03-12	House	Assigned to Higher Education Committee
2024-03-07	House	Chief Co-Sponsor Changed to Rep. Carol Ammons
2024-03-07	House	Added Chief Co-Sponsor Rep. Carol Ammons
2024-02-21	House	Added Co-Sponsor Rep. Joyce Mason
2024-02-09	House	Referred to Rules Committee
2024-02-09	House	First Reading
2024-02-08	House	Filed with the Clerk by Rep. Will Guzzardi

Chapter	Article	Section	Citation Type	Statute Text
110	305	180	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5268&GAID=17&DocTypeID=HB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/HB/10300HB5268.htm