WI AB767

Requires the State of Wisconsin Investment Board (SWIB) and Milwaukee City/County retirement boards to exercise voting authority on securities solely in the economic interest of participants, defined as maximizing risk-adjusted investment returns

Prohibits voting in a manner that subordinates participants' economic interests to environmental, social, policy, governance, or ideological goals unless an economic analysis demonstrates the vote serves participants' sole economic interest

Restricts use of proxy advisory firms by prohibiting adoption of their recommendations unless based on participants' sole economic interest, and bars engagement of firms with conflicts of interest (such as receiving consulting fees from issuers or shareholder proposal sponsors)

Mandates written economic analyses for votes inconsistent with issuer board recommendations, requires backtesting of analyses every 3 years, and imposes annual reporting requirements to the Department of Employee Trust Funds subject to public records law

Allows enforcement by the attorney general, state treasurer, or district attorneys, and permits participants to bring civil actions seeking injunctive relief, actual damages, court costs, and attorney fees within 3 years of discovering a violation