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2026 Op. Colo. Att'y Gen. 1 (2026)

handle is hein.sag/sagco2026 and id is 1 raw text is: PHIL WEISER Attorney General NATALIE HANLON LEH Chief Deputy Attorney General SHANNON STEVENSON Solicitor General TANJA WHEELER Associate Chief Deputy Attorney General 1~87G ~ STATE OF COLORADO DEPARTMENT OF LAW RALPH L. CARR COLORADO JUDICIAL CENTER 1300 Broadway, 10th Floor Denver, Colorado 80203 Phone (720) 508-6000 Office of the Attorney General FORMAL ) OPINION ) ) No. 26-001 of ) ) 4/13/2026 PHILIP J. WEISER ) Attorney General ) Philip J. Weiser, Attorney General of the State of Colorado, as chief legal representative for the State, issues this Formal Opinion pursuant to his authority under § 24-31-101(1)(a) & (d), C.R.S. (2025), following a request from the State Treasurer. QUESTION PRESENTED AND SHORT ANSWER Question Presented. (1) Does article XI, section 2 of the Colorado Constitution limit the State from investing in financial instruments that would make the State a subscriber to or a shareholder in a corporation, or a joint owner with any person, company, or corporation, public or private, in or out of the state? Short Answer. (1) Yes. Although article XI, section 2 does not directly address the State's investment authority, it generally prohibits state ownership of stock in a corporation, subject to recognized exceptions. Whether an investment in a particular type of financial instrument other than direct ownership of stock in a corporation would violate the prohibition requires a fact-specific analysis that is beyond the scope of this Opinion. ANALYSIS Article XI, section 2 of the Colorado Constitution prohibits state ownership of stock in a corporation. While this prohibition has recognized exceptions, none of those exceptions apply to the situation described in the question presented.