Bill Text: SC H5110 | 2021-2022 | 124th General Assembly | Introduced

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Bill Title: Environmental, Social, and Governance

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2022-03-10 - Referred to Committee on Labor, Commerce and Industry [H5110 Detail]

Download: South_Carolina-2021-H5110-Introduced.html

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A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 34-3-120 SO AS TO PROVIDE THAT A BANKING INSTITUTION OR INVESTMENT OR FINANCIAL FIRM THAT ADOPTS ANY ENVIRONMENTAL, SOCIAL, AND GOVERNANCE FACTORS FOR EVALUATING A BUSINESS MUST MEET CERTAIN CRITERIA.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Article 1, Chapter 3, Title 34 of the 1976 Code is amended by adding:

    "Section 34-3-120.    A banking institution or investment or financial firm that adopts any Environmental, Social, and Governance (ESG) factors for evaluating a business must:

        (1)    advise clients that they are being scored using ESG criteria and state who is providing the score;

        (2)    clearly state criteria that is being scored in each area of ESG;

        (3)    offer a written report; and

        (4)    provide a means to appeal each scored area."

SECTION    2.    This act takes effect upon approval by the Governor.