MI HB5237

Requires public employee retirement system investment fiduciaries to act solely in the "pecuniary interest" of participants and beneficiaries, considering only pecuniary factors (those with material effect on risk or return) when evaluating investments

Explicitly excludes factors that further "nonpecuniary, noneconomic, or nonfinancial social, political, or ideological objectives" from investment decision-making

Prohibits investment fiduciaries from following proxy advisor recommendations unless the advisor commits in writing to following guidelines based solely on pecuniary factors

Mandates new transparency requirements including: posting proxy votes on system websites at least one month before submission, tabulating all proxy votes and limited partnerships in annual reports, and publicly broadcasting all fiduciary meetings with archived video access

Defines "fiduciary commitment" to include participation in coalitions, initiatives, or joint statements of principles that could indicate non-pecuniary investment purposes such as environmental, social, or governance (ESG) objectives