An Act To Require the State To Divest Itself of Assets Invested in the Fossil Fuel Industry
Maine Legislature, Session 126, LD 1461
Committee: Appropriations and Financial Affairs
Sponsors: JONES, LACHOWICZ, CASAVANT, CHAPMAN, CHIPMAN, HARLOW, KENT, NOON, STUCKEY
Amends: 5 MRSA §1957

Legislative Document 
No. 1461 
H.P. 1046 
House of Representatives, April 25, 2013 
An Act To Require the State To Divest Itself of Assets Invested in 
the Fossil Fuel Industry 
Reference to the Committee on Appropriations and Financial Affairs suggested and ordered 
printed. 
MILLICENT M. MacFARLAND 
Clerk 
Presented by Representative JONES of Freedom. 
Cosponsored by Senator LACHOWICZ of Kennebec and 
Representatives: CASAVANT of Biddeford, CHAPMAN of Brooksville, CHIPMAN of 
Portland, HARLOW of Portland, KENT of Woolwich, McGOWAN of York, NOON of 
Sanford, STUCKEY of Portland. 
Be it enacted by the People of the State of Maine as follows: 
Sec. 1.  5 MRSA §1957 is enacted to read: 
§1957.  Fossil fuels 
1.  Divestment.  The Treasurer of State and the Board of Trustees of the Maine 
Public Employees Retirement System may not invest the assets of any state pension or 
annuity fund in any stocks or other securities of any corporation or company within the 
fossil fuel industry or any subsidiary, affiliate or parent of any corporation or company 
among the 200 largest publicly traded fossil fuel companies, as established by carbon in 
the companies' proven oil, gas and coal reserves. Except as provided in subsection 2, the 
Treasurer of State and the Board of Trustees of the Maine Public Employees Retirement 
System shall, in accordance with sound investment criteria and consistent with the board's 
fiduciary obligations, divest any such stocks or other securities whether they are owned 
directly or held through separate accounts or any commingled funds. Divestment pursuant 
to this subsection must be complete by January 1, 2018. 
2.  Exemption.  Short-term investment funds that commingle commercial paper or 
futures are exempt from the restrictions imposed pursuant to subsection 1. 
Sec. 2.  Fossil fuel industry; divestment.  The Treasurer of State and the Board 
of Trustees of the Maine Public Employees Retirement System shall review the extent to 
which the assets of any state pension or annuity fund are invested in any stocks or other 
securities of any corporation or company within the fossil fuel industry or any subsidiary, 
affiliate or parent of any corporation or company within the fossil fuel industry. Pursuant 
to the Maine Revised Statutes, Title 5, section 1957, the Treasurer of State and the Board 
of Trustees of the Maine Public Employees Retirement System shall, in accordance with 
sound investment criteria and consistent with the board's fiduciary obligations, divest any 
such stocks or other securities. Divestment pursuant to this section must be complete by 
January 1, 2018. 
The Treasurer of State and the Board of Trustees of the Maine Public Employees 
Retirement System shall report to the joint standing committee of the Legislature having 
jurisdiction over appropriations and financial affairs by January 1, 2015, 2016 and 2017 
regarding the progress of divestment and the implementation of this section.  The 
Treasurer of State and the Board of Trustees of the Maine Public Employees Retirement 
System shall make a final report to the joint standing committee of the Legislature having 
jurisdiction over appropriations and financial affairs by January 1, 2018 regarding 
completion of the divestment pursuant to this section. 
SUMMARY 
This bill requires the State to divest itself of assets invested in the fossil fuel industry.