WI SB763

Requires the State of Wisconsin Investment Board (SWIB) to vote shares held for Wisconsin Retirement System participants solely in their "economic interest," defined as maximizing risk-adjusted investment returns, and prohibits voting that subordinates economic interest to environmental, social, policy, governance, or ideological goals

Creates a presumption of compliance when SWIB votes consistently with a security issuer's board of directors (if majority independent); voting against the board's recommendation requires documented economic analysis demonstrating the vote serves participants' sole economic interest

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

Mandates annual reporting to the Department of Employee Trust Funds on all votes inconsistent with issuer board recommendations, including supporting economic analyses, and requires backtesting of economic analysis models every three years

Applies identical requirements to the retirement systems of Milwaukee County and the City of Milwaukee, with enforcement authority granted to the attorney general, state treasurer, and district attorneys, plus a private right of action for participants with a three-year statute of limitations