Bill > HB0080

This bill establishes strict guidelines for how Wyoming's state investment entities and fiduciaries must manage state funds, focusing exclusively on financial performance and prohibiting the consideration of environmental, social, and governance (ESG) factors. The bill defines key terms like "pecuniary financial factors" as investment decisions based solely on potential financial returns and risk, explicitly excluding non-financial considerations like environmental or social impacts. Investment entities, including the state treasurer, retirement boards, and other state investment bodies, are required to discharge their duties exclusively in the financial interest of beneficiaries, taking into account only pecuniary financial factors when investing state funds. The bill mandates that all stock shares and proxy votes must be voted solely to maximize financial returns, and requires investment entities to only grant proxy voting authority to parties who commit to following these financial-only guidelines. Additionally, fiduciaries must annually report all proxy votes, including vote details and recommendations, and publish these reports on their websites. Every contract with an investment manager must include a clause acknowledging these requirements. The bill becomes effective on July 1, 2025, and does not impair existing contracts made before that date, representing a significant shift towards a strictly financial approach to state fund management.

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https://www.wyoleg.gov/Legislation/2025/HB0080