Summary of Original Version

Amend KRS 61.650, relating to fiduciary duties owed to the Kentucky Retirement Systems, to make a technical correction.

Summary of Amendment: House Committee Substitute 1

Summary Retain original provisions, except amend KRS 21.450, 61.650, 78.790, and 161.430 relating to the fiduciary duties owed to the state-administered retirement systems to define "shareholder-sponsored proposal" and "economic analysis"; require a proxy adviser under contract with a state-administered retirement system to conduct and document an economic analysis prior to voting on or recommending a vote on a shareholder-sponsored proposal that is inconsistent with the recommendation of the board of directors of the issuer of shares in order to demonstrate that a vote against management's recommendation is solely in the interest of the retirement plan members and beneficiaries; make technical corrections.

Statutes affected:
Introduced: 61.650
House Committee Substitute 1: 21.450, 61.650, 78.790, 161.430