HB 1469 Summary

• Requires fiduciaries managing public funds to discharge duties exclusively based on pecuniary factors and the financial interests of plan participants and beneficiaries.

• Prohibits fiduciaries from considering non-pecuniary factors (political, social, environmental, ideological goals) when evaluating investments or discharging duties related to public plans.

• Restricts proxy voting of shares held by public plans to pecuniary interests only and prohibits entrusting plan assets to fiduciaries that engage with companies based on non-pecuniary factors.

• Requires fiduciaries following proxy advisory firm recommendations to ensure those recommendations align solely with pecuniary factors.

• Directs the state investment board to establish a list of financial institutions ineligible to receive state fund investments based on their promotion of political, social, environmental, or ideological goals conflicting with the state's energy or agriculture industries.