AZ HB2156

State treasurer must post a current list of state investments by name and all investment managers on a publicly accessible website, updating changes within a reasonable timeframe.

All state investments must be made solely in the interest of beneficiary taxpayers, with evaluations based exclusively on pecuniary factors.

Governmental entities establishing or maintaining plans must make all direct investment decisions and vote all directly held shares based solely on pecuniary factors.

For indirect or commingled investments, governmental entities must notify general partners or investment managers to make investment decisions and proportionally vote shares based solely on pecuniary factors.

"Pecuniary factor" is defined as a factor having material effect on financial risk or return of an investment based on appropriate investment horizons consistent with a plan's investment objectives and funding policy.