AZ HB2637

Requires the State Treasurer to post a current list of state investments and investment managers on a publicly accessible website and update changes within a reasonable timeframe.

Mandates that all state investments be made solely in the interest of beneficiary taxpayers based on pecuniary factors only, prohibiting unnecessary investment risks or nonpecuniary social goals.

Defines fiduciaries as persons exercising discretionary authority over plan assets, rendering investment advice, or administering plans, and requires fiduciaries to discharge duties exclusively for providing pecuniary benefits to participants and beneficiaries.

Prohibits fiduciaries from considering nonpecuniary factors (environmental, social, governance, or ideological goals) when evaluating investments and requires all investment decisions to account only for factors materially affecting financial risk or return.

Restricts voting of plan shares to pecuniary interests only and prevents plans from entrusting assets to fiduciaries that engage in nonpecuniary advocacy or voting based on social or environmental factors.