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 new 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 specific proxy voting requirements, stating that all proxy votes must be cast solely in the financial interest of the beneficiaries of the state funds. Additionally, it requires that any fiduciary engaged to invest state funds must commit in writing to adhere to these guidelines.

The bill amends several existing statutes to align with the new requirements, including provisions that ensure the retirement board and other investment entities comply with the fiduciary duties outlined in W.S. 9-4-722. It specifies that all contracts with fiduciaries must include a clause acknowledging their obligation to follow these new investment guidelines. The act is set to take effect on July 1, 2025, and clarifies that it will not affect any 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