SUSTAINABLE INVESTING-ACTIONS

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House Amendment 001

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Introduced

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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB5072

Introduced 2/10/2026, by Rep. Ann M. Williams

SYNOPSIS AS INTRODUCED:

30 ILCS 238/5
30 ILCS 238/10
30 ILCS 238/25 new
30 ILCS 238/30 new
30 ILCS 238/35 new

Amends the Illinois Sustainable Investing Act. Provides that the laws
of this State shall govern in any case or controversy heard in this State
related to lawful sustainable investment activity. Provides that the State
shall not provide any information to or expend or use any time, money,
facilities, property, equipment, personnel, or other resources to assist
any individual, or out-of-state officer, official, agency, entity, or
department seeking to impose civil or criminal liability upon a person or
entity for lawful sustainable investment activity. Creates a right of
action if a person residing or domiciled in Illinois has had judgment
entered against them in another state for lawful sustainable investment
activity that is permitted under the laws of this State.
LRB104 18517 HLH 31959 b

A BILL FOR

HB5072
LRB104 18517 HLH 31959 b
1

AN ACT concerning finance.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

4

Section 5.
The Illinois Sustainable Investing Act is
5
amended by changing Sections 5 and 10 and by adding Sections
6
25, 30, and 35 as follows:

7

(30 ILCS 238/5)
8

Sec. 5.
Findings and purpose.
9

(a) The General Assembly finds that consideration of
10
factors relevant to the environmental impact, social impact,
11
and governance of investments is vital for maximizing the
12
safety and performance of public funds. Such sustainability
13
factors are indicative of the overall performance of an
14
investment and are strong indicators of its long-term value.
15
Public agencies and governments have a duty to recognize and
16
evaluate these materially relevant factors.
17

(b) It is the purpose of this Act to prudently integrate
18
sustainability factors into the investment decision-making,
19
investment analysis, portfolio construction, due diligence,
20
and investment ownership of public funds to maximize
21
anticipated financial returns, minimize projected risks, more
22
effectively execute fiduciary duties, and contribute to a more
23
just, accountable, and sustainable State of Illinois.

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LRB104 18517 HLH 31959 b
1

(c) The General Assembly reaffirms its prior findings that
2
factors relevant to the environmental impact, social impact,
3
and governance of investments are indicative of the overall
4
performance of an investment and that agencies and governments
5
have a duty to recognize and evaluate these materially
6
relevant factors.

7

(d) The General Assembly finds that other states have
8
taken actions that may impede the ability of Illinois persons
9
to take actions under sustainable investment policies
10
consistent with the principles of this Act.

11

(e) It is the intent of the State of Illinois to foster an
12
environment where not only agencies and governments but
13
private entities can prudently consider materially-relevant
14
environmental, social, and governance factors in their
15
investment decision-making, investment analysis, portfolio
16
construction, due diligence, and investment ownership
17
activities.

18

(g) It is the purpose of this Act to make it clear that
19
State resources should not be used to advance efforts by any
20
individual or government to impede Illinois persons' lawful
21
sustainable investment activity as described in this Act and
22
to provide recourse for Illinois persons who may be subject to
23
such actions.

24
(Source: P.A. 101-473, eff. 1-1-20
.)

25

(30 ILCS 238/10)

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1

Sec. 10.
Definitions.
As used in this Act:
2

"Company proposal" means a proposal made by a company's
3
shareholder that is included in the company's proxy statement,
4
including the nomination of a director.

5

"Financial institution" means a bank, savings bank, or
6
credit union established under the laws of the State of
7
Illinois, another state, or the United States of America.
8

"Governmental unit" has the same meaning as in the Local
9
Government Debt Reform Act.
10

"Investment manager" means
a fiduciary who
:
11

(1)
is

a fiduciary
selected by a public agency,
12

pension fund, retirement system
,
or governmental unit who
13

has the power to manage, acquire, or dispose of any asset
14

of a public agency, pension fund, retirement system or
15

governmental unit;
16

(2) has acknowledged in writing that he or she is a
17

fiduciary with respect to the public fund, retirement
18

system
,
or pension fund; and
19

(3) is at least one of the following: (i) registered
20

as an investment adviser under the federal Investment
21

Advisers Act of 1940; (ii) registered as an investment
22

adviser under the Illinois Securities Law of 1953; (iii) a
23

bank, as defined in the Investment Advisers Act of 1940;
24

or (iv) an insurance company authorized to transact
25

business in this State.
26

"Investment policy" means a written investment policy

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LRB104 18517 HLH 31959 b
1
adopted by a public agency or governmental unit which
2
addresses safety of principal, liquidity of funds, and return
3
on investment and which requires the investment portfolio be
4
structured in such a manner as to provide sufficient liquidity
5
to pay obligations as they come due.
6

"Lawful sustainable investment activity" means:

7

(1) any activity that is not unlawful under the laws
8

of this State or under the laws of the United States taken
9

to carry out a sustainable investment policy as described
10

in this Act, regardless of whether the sustainable
11

investment policy was adopted by a public agency,
12

governmental unit, or any other entity doing business in
13

Illinois;

14

(2) any action taken in furtherance of providing the
15

following services that is not unlawful under the laws of
16

this State or the United States:

17

(A) advice or recommendations on how to vote on a
18

proxy proposal or company proposal;

19

(B) proxy statement research and analysis
20

regarding a proxy proposal or company proposal;

21

(C) rating or research regarding corporate
22

governance; or

23

(D) the development of proxy voting
24

recommendations or policies, including establishing
25

default recommendations or policies.

26

"Proxy proposal" means a proposal made by a company's

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1
shareholder that is included in the company's proxy statement,
2
including the nomination of a director.

3

"Public agency" means the State of Illinois, the various
4
counties, townships, cities, towns, villages, school
5
districts, educational service regions, special road
6
districts, public water supply districts, fire protection
7
districts, drainage districts, levee districts, sewer
8
districts, housing authorities, the Illinois Bank Examiners'
9
Education Foundation, the Chicago Park District, and all other
10
political corporations or subdivisions of the State of
11
Illinois, now or hereafter created, whether herein
12
specifically mentioned or not.
13

"Public funds" means current operating funds, special
14
funds, interest and sinking funds, and funds of any kind or
15
character belonging to or in the custody of any public agency.
16

"Sustainability factors" means factors that may have a
17
material and relevant financial impact on the safety or
18
performance of an investment and which are complementary to
19
financial factors and financial accounting.
20
(Source: P.A. 103-324, eff. 1-1-24; revised 7-1-25.)

21

(30 ILCS 238/25 new)
22

Sec. 25.
Conflict of law.
Notwithstanding any general or
23
special law or common law conflict of law rule to the contrary,
24
the laws of this State shall govern in any case or controversy
25
heard in this State related to lawful sustainable investment

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LRB104 18517 HLH 31959 b
1
activity.

2

(30 ILCS 238/30 new)
3

Sec. 30.
Prohibited State actions.
4

(a) Unless otherwise necessary to comply with Illinois or
5
federal law, the State shall not provide any information to or
6
expend or use any time, money, facilities, property,
7
equipment, personnel, or other resources to assist any
8
individual, or out-of-state officer, official, agency, entity,
9
or department seeking to impose civil or criminal liability
10
upon a person or entity for lawful sustainable investment
11
activity.

12

(b) This Section does not apply if an individual or
13
out-of-state officer, official, agency, entity, or department
14
is investigating conduct that would be subject to civil or
15
criminal liability under the laws of Illinois or the laws of
16
the United States.

17

(30 ILCS 238/35 new)
18

Sec. 35.
Right of action.
19

(a) If judgment is entered in any other state against any
20
person residing or domiciled in Illinois, and if the judgment
21
is based, in whole or in part, on the alleged provision,
22
receipt, assistance in receipt or provision, material support
23
for, or any theory of vicarious, joint, several, or conspiracy
24
liability derived therefrom, for lawful sustainable investment

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LRB104 18517 HLH 31959 b
1
activity that is permitted under the laws of this State, that
2
person may recover damages from any party that brought the
3
action leading to that judgment or has sought to enforce that
4
judgment.

5

(b) Any person aggrieved by conduct in subsection (a)
6
shall have a right of action in a State circuit court or as a
7
supplemental claim in federal district court against any party
8
that brought the action leading to that judgment or has sought
9
to enforce that judgment. This lawsuit must be brought not
10
later than 2 years after the violation of subsection (a).

11

(c) If the court finds that a violation of subsection (a)
12
has occurred, the court may award to the plaintiff:

13

(1) actual damages created by the action that led to
14

that judgment, including, but not limited to, money
15

damages in the amount of the judgment in that other state
16

and costs, expenses, and reasonable attorney's fees,
17

including expert witness fees and other litigation
18

expenses, spent in defending the action that resulted in
19

the entry of the judgment in another state; and

20

(2) costs, expenses, and reasonable attorney's fees,
21

including expert witness fees and other litigation
22

expenses, incurred in bringing an action under this Act as
23

may be allowed by the court.

24

(d) The provisions of this Act shall not apply to a
25
judgment entered in another state that is based on:

26

(1) an action founded in contract, and for which a

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1

similar claim would exist under the laws of this State,
2

brought or sought to be enforced by a party with a
3

contractual relationship with the person that is the
4

subject of the judgment entered in another state; or

5

(2) an action where no part of the acts that formed the
6

basis for liability occurred in this State.

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