AZ HB2457

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, prohibiting unnecessary investment risks or nonpecuniary social goals.

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

Prohibits fiduciaries from considering nonpecuniary factors (environmental, social, political, ideological goals) when evaluating investments and requires only the governmental entity establishing a plan may vote shares held by the plan.

Prevents plans from using fiduciaries that engage in or commit to voting shares based on nonpecuniary factors and restricts reliance on proxy advisory firms unless their voting guidelines align with pecuniary-only obligations.