2025 25LSO-0274
STATE OF WYOMING Working Draft
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DRAFT ONLY
NOT APPROVED FOR
INTRODUCTION
HOUSE BILL NO.
Investment manager approval.
Sponsored by: Select Committee on Capital Financing &
Investments
A BILL
for
1 AN ACT relating to the investment of state funds; providing
2 authority for the investment funds committee to approve
3 investment manager selection; allowing the investment funds
4 committee to delegate approval power to the state treasurer
5 as specified; limiting investment-related approval
6 authority of the state loan and investment board; requiring
7 the state treasurer to report to the state loan and
8 investment board regarding investment managers; and
9 providing for an effective date.
10
11 Be It Enacted by the Legislature of the State of Wyoming:
12
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1 Section 1. W.S. 9-4-718(a)(iv), (viii) and by
2 creating a new (ix) and 9-4-720(d), (f)(v) and by creating
3 a new paragraph (vi) are amended to read:
4
5 9-4-718. Investment managers.
6
7 (a) The state treasurer may contract with investment
8 managers and pay for investment services and investment
9 advice subject to the following conditions:
10
11 (iv) Investment managers shall be selected based
12 upon a competitive process and with consideration given to
13 the historical performance of prospective managers. No
14 investment manager shall be hired unless approved by a
15 majority vote of the board in consultation with the
16 investment funds committee created by this act. The
17 investment funds committee may delegate and rescind
18 investment manager approval authority to the state
19 treasurer upon a majority vote of the investment funds
20 committee. When the investment funds committee delegates
21 approval authority to the state treasurer, it shall
22 delegate authority for individual manager selection
23 decisions and not for all manager selection decisions. The
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1 contract with an investment manager may be terminated by a
2 majority vote of the board;
3 ***********************************************************
4 STAFF COMMENT
5 In paragraph (iv), above, and consistent with the
6 Committee’s vote, this bill now requires a
7 separate delegation for every investment manager
8 decision. However, at its meeting, the Committee
9 also voted to require a new delegation of
10 authority upon the election of a new Treasurer.
11 Now that this bill requires a separate delegation
12 for every investment manager decision, it may be
13 unnecessary to also require a new delegation upon
14 the election of a new Treasurer. Please advise.
15 If a requirement for redelegation upon an
16 election of a Treasurer is still appropriate, it
17 likely can be inserted in a new paragraph (x) as
18 follows:
19
20 (x) At any time that a new state treasurer is
21 elected and sworn into office, any delegation of
22 authority to approve the selection of an investment
23 manager under paragraph (iv) of this subsection
24 shall terminate and the investment funds committee
25 shall determine and make any new delegations as it
26 deems appropriate under paragraph (iv) of this
27 subsection.
28 ***********************************************************
29 (viii) Each investment manager shall at least
30 quarterly provide a report to the state treasurer
31 describing the manager's performance relative to mutually
32 agreed upon industry indices and reflecting all brokerage
33 fees and other fees or expenses paid by or fees earned by
34 the manager which are paid by the state under the contract;
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1 (ix) The state treasurer shall report to the
2 board not less than semi-annually regarding hired
3 investment managers and the information disclosed to the
4 state treasurer under paragraph (viii) of this subsection.
5
6 9-4-720. Investment funds committee created; duties.
7
8 (d) The state treasurer shall be the chairman of the
9 committee. The committee shall hold not less than four (4)
10 regularly scheduled meetings each year. Special meetings
11 may be called by the chairman and shall be called by the
12 chairman upon a written request submitted by a majority of
13 the voting members. All matters shall be decided by a
14 majority vote of a quorum of the voting members of the
15 committee, except as otherwise provided in this section
16 act.
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18 STAFF COMMENT
19 The amendment to replace “section” with “act” is necessary
20 since this bill now creates several statutory sections that
21 require action by a majority of all the Investment Funds
22 Committee members, not simply a majority of the quorum.
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24
25 (f) The committee shall:
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1 (vi) Approve or reject the selection of
2 investment managers as provided in W.S. 9-4-718(a)(iv).
3
4 Section 2. This act is effective July 1, 2025.
5
6 (END)
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