The bill establishes new requirements for the hiring and retention of investment managers, trustees, and fiduciaries responsible for investing state funds in Wyoming. It mandates that these entities must act solely in the financial interest of the beneficiaries of the state funds, explicitly prohibiting any actions taken for social, political, or ideological purposes. The bill defines key terms such as "fiduciary," "financial," and "investment entity," and outlines the responsibilities of these fiduciaries, including the requirement to consider only financial factors when making investment decisions. Additionally, it specifies that proxy voting must align with the financial interests of beneficiaries and sets forth guidelines for proxy voting authority and reporting.

The bill also amends existing laws to ensure compliance with the new requirements, including the duties of the retirement board and the state treasurer. It inserts language that mandates adherence to the new section regarding the investment of state funds, reinforcing the obligation to prioritize financial considerations. The attorney general is granted enforcement authority for violations, and fiduciaries who fail to comply may be liable for damages. The act is set to take effect on July 1, 2023.

Statutes affected:
Introduced: 9-3-405, 9-3-408, 9-3-436, 9-3-440, 9-4-715, 9-4-716