The bill establishes new requirements for the hiring and retention of investment managers, trustees, and fiduciaries responsible for investing state funds in Wyoming. It introduces a section, W.S. 9-4-722, which mandates that these fiduciaries must consider only "pecuniary financial factors" when making investment decisions, explicitly excluding non-pecuniary factors such as environmental, social, or governance considerations. The bill also outlines the responsibilities of investment entities, including the requirement to vote shares solely in the financial interest of beneficiaries and to report proxy votes annually. Additionally, it specifies that any fiduciary engaged to invest state funds must adhere to these guidelines and that contracts with fiduciaries must include clauses acknowledging these requirements.

The bill amends several existing statutes to ensure compliance with the new investment guidelines, including provisions related to the duties of the retirement board and the management of retirement system assets. Key amendments include the requirement for the retirement board to comply with W.S. 9-4-722 when serving as an investment trustee and the stipulation that all investment decisions must align with the new fiduciary obligations. The act is set to take effect on July 1, 2025, and clarifies that it will not affect contracts entered into before that date.

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