The proposed bill would amend current statutes related to the management of public funds by introducing new definitions and requirements for fiduciaries overseeing state investment plans. Specifically, it would require fiduciaries to act solely in the interest of plan participants and beneficiaries, focusing exclusively on pecuniary factors when making investment decisions. This includes prohibiting the consideration of nonpecuniary factors, such as environmental or social goals, in investment evaluations and mandates that only governmental entities can vote shares held by the plans, ensuring that votes are cast solely in the pecuniary interest of the plans.

Additionally, the bill would require the State Treasurer to maintain and publicly post a current list of state investments and investment managers, updating this information regularly. It emphasizes that all state investments must prioritize the financial interests of taxpayers and prohibits unnecessary investment risks or the promotion of nonpecuniary benefits. Overall, the bill aims to streamline fiduciary responsibilities and ensure that public funds are managed with a strict focus on financial returns.

Statutes affected:
Introduced Version: 35-320
Senate Engrossed Version: 35-320