HB 2471 Summary

• Requires the State Treasurer to post a current list of state investments and investment managers on the public website, with updates within a reasonable timeframe.

• Mandates that all state investments be made solely in the interest of beneficiary taxpayers based on pecuniary factors, 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 consider only pecuniary factors when evaluating investments.

• Restricts proxy voting of plan shares to the governmental entity establishing the plan and prohibits voting shares to further nonpecuniary, environmental, social, political, or ideological goals.

• Prohibits plans from entrusting assets to fiduciaries that practice engagement or voting shares based on nonpecuniary factors, and requires proxy advisory firms and service providers to follow pecuniary-factor-only voting guidelines.