SF0191

Requires the state treasurer and Wyoming retirement board to base all investment decisions on pecuniary factors only and to exercise proxy voting authority in accordance with investment policy statements.

• Establishes investment requirements for the state treasurer and Wyoming retirement board, mandating that all fiduciary decisions be based only on pecuniary factors expected to enhance risk-adjusted returns, excluding environmental, social, governance, political, or ideological interests. (W.S. 9-4-722(b)(iii), W.S. 9-4-722(b)(iv))
• Defines pecuniary factors as those prudently determined to have positive effects on risk-adjusted investment returns, and specifies that nonpecuniary factors shall be deemed causes for concern and avoided. (W.S. 9-4-722(b)(iii)(A), W.S. 9-4-722(b)(iii)(B))
• Requires all vendors and investment partners to comply with Wyoming and United States law, with contract terms requiring vendors to acknowledge and adhere to pecuniary investment requirements. (W.S. 9-4-722(b)(v))
• Authorizes investment entities to respond to nonpecuniary conduct by requesting policy changes, voting proxies to force change, or divesting and replacing investments with competitive alternatives. (W.S. 9-4-722(b)(vi), W.S. 9-4-722(b)(vii))
• Requires each investment entity to provide management oversight for all proxy voting, with proxy votes made consistent with investment policy statements and Wyoming's financial interests. (W.S. 9-4-722(c))
• Permits investment entities to hire a proxy manager to implement proxy voting requirements, with the proxy manager reporting semiannually to the investment entity. (W.S. 9-4-722(d))
• Requires external investment managers to provide annual written attestation that they have complied with all requirements of the section. (W.S. 9-4-722(e))
• Authorizes investment entities to use up to one basis point from annual investment returns to implement the requirements of this act, with funds continuously appropriated for this purpose. (W.S. 9-4-722(f))
• Amends multiple Wyoming Statutes to incorporate compliance with pecuniary factor requirements into retirement board duties, trustee responsibilities, and state investment policy statements.