SB1013 Summary

• State treasurer must post and regularly update a current list of state investments and investment managers on a publicly accessible website.

• All state investments must be made solely in the interest of beneficiary taxpayers based on pecuniary factors, prohibiting unnecessary investment risks and nonpecuniary social goals.

• Fiduciaries of government plans must discharge duties exclusively for providing pecuniary benefits and defraying administration expenses, considering only pecuniary factors when evaluating investments.

• Only the governmental entity establishing a plan may vote plan shares, and shares must be voted solely in the pecuniary interest of the plan without furthering nonpecuniary, environmental, social, political or ideological benefits.

• Plans cannot entrust assets to fiduciaries that engage with companies based on nonpecuniary factors or vote shares based on nonpecuniary factors, and fiduciaries cannot follow proxy advisory recommendations unless consistent with pecuniary-only obligations.