SB 1093 Summary

• State treasurer must post a current list of state investments and investment managers on their publicly accessible website, with updates made within a reasonable period of time.

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

• Fiduciaries of state, political subdivision, university, and community college plans must discharge their duties exclusively for providing pecuniary benefits and may only consider pecuniary factors when evaluating investments, excluding any nonpecuniary or social/environmental factors.

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

• Fiduciaries cannot entrust plan assets to managers that engage with companies or vote shares based on nonpecuniary factors, and cannot follow proxy advisory firm recommendations unless their voting guidelines are based only on pecuniary factors.