AZ SB1592

Amends Arizona Revised Statutes section 38-718 to update language regarding investment limitations for ASRS assets, including caps on equities (80%), non-U.S. investments (40%), internal investments (60%), single institution securities (5%), and multinational development bank bonds (10%).

Adds new section 38-718.01 requiring ASRS fiduciaries to discharge duties solely in the interest of participants and beneficiaries and to consider only pecuniary factors when evaluating investments or voting shares.

Prohibits fiduciaries from considering nonpecuniary factors (environmental, social, political, ideological) when making investment decisions and restricts proxy voting authority to those following pecuniary-only guidelines.

Prevents ASRS from entrusting assets to fiduciaries that engage in practices of voting shares or selecting investments based on nonpecuniary factors.

Requires ASRS to post a current list of investments and investment managers on its publicly accessible website and update the list within a reasonable timeframe.