The bill establishes new requirements for the investment of state funds in Wyoming, specifically mandating that the state treasurer and the Wyoming retirement board engage in proxy voting related to these investments. It emphasizes that all investment decisions must be based solely on pecuniary factors, which are defined as those expected to positively impact the risk-adjusted return of investments. The bill explicitly states that nonpecuniary factors, such as environmental, social, or ideological interests, should not influence fiduciary decisions. Additionally, it outlines the responsibilities of investment entities, including the need for oversight of proxy voting and the option to hire a proxy manager to ensure compliance with these requirements.

The bill also amends existing laws to incorporate these new provisions, ensuring that the Wyoming retirement board and the state treasurer adhere to the newly established criteria when managing state funds. Key amendments include the requirement for the board to comply with the new proxy voting requirements and to ensure that investment policies reflect the focus on pecuniary factors. The act is set to take effect on July 1, 2025, and clarifies that it will not affect any contracts made prior to this date.

Statutes affected:
Introduced: 9-3-405, 9-3-408, 9-3-436, 9-3-440, 9-4-714, 9-4-715, 9-4-716