Bill > HB1333

This bill modifies provisions relating to the fiduciary duty and proxy voting activities of public retirement systems in Missouri. Key provisions include: 1. Defining key terms like "fiduciary," "fiduciary commitment," and "financial" to clarify that fiduciaries must act solely in the financial interests of plan participants and beneficiaries, and cannot consider social, political, or ideological factors. 2. Requiring fiduciaries to discharge their duties solely in the financial interest of participants and beneficiaries, and to vote shares solely in the financial interest of participants and beneficiaries. 3. Restricting the ability of public retirement systems to grant proxy voting authority or entrust assets to fiduciaries that do not commit to following guidelines that match the financial-only duty. 4. Mandating annual reporting and public disclosure of proxy votes cast by the retirement systems. 5. Allowing the state Attorney General to enforce the provisions of the bill and providing for damages against fiduciaries that violate the law. The overall intent of the bill is to limit the ability of public retirement system fiduciaries to consider non-financial factors in their investment and proxy voting activities.

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https://www.house.mo.gov/Bill.aspx?bill=HB1333&year=2023&code=R