Wyoming 2025 Regular Session

Wyoming Senate Bill SF0191 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	ORIGINAL SENATE ENGROSSED
2		-	FILE NO. SF0191
3		-	ENROLLED ACT NO. 96, SENATE
4		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
5		-	2025 GENERAL SESSION
6		-	1
7		-	AN ACT relating to state funds; requiring the state
8		-	treasurer and the Wyoming retirement board to provide for
9		-	proxy voting associated with the investment of state funds;
10		-	specifying investment criteria to ensure investments are
11		-	made only on pecuniary factors; providing definitions;
12		-	authorizing contracts and the use of investment earnings;
13		-	making conforming amendments; specifying applicability;
14		-	authorizing full‑time positions; and providing for an
15		-	effective date.
16		-	Be It Enacted by the Legislature of the State of Wyoming:
17		-	Section 1. W.S. 9-4-722 is created to read:
18		-	9-4-722. Investment of state funds; proxy voting
19		-	requirements.
20		-	(a) As used in this section, "investment entity"
21		-	means the state treasurer and the Wyoming retirement board.
22		-	(b) The following shall apply to the investment of
23		-	funds made by each investment entity:
24		-	(i) All investments shall be made through the
25		-	exercise of judgment and care of a prudent investor in
26		-	accordance with W.S. 9-3-408(b) and 9-4-715(d)(i);
27		-	(ii) Each investment entity shall solely act in
28		-	the financial interest of beneficiaries when evaluating
29		-	managers, vendors, asset allocations and investment
30		-	potential in order to obtain the highest total return on a
31		-	risk-adjusted basis while adhering to all applicable laws; ORIGINAL SENATE ENGROSSED
32		-	FILE NO. SF0191
33		-	ENROLLED ACT NO. 96, SENATE
34		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
35		-	2025 GENERAL SESSION
36		-	2(iii) Fiduciary decisions made by each
37		-	investment entity shall be based only on pecuniary factors.
38		-	For purposes of this paragraph, "pecuniary factors":
39		-	(A) Are factors that have been prudently
40		-	determined and are expected to have a positive effect on
41		-	the risk-adjusted return of investments, based on
42		-	appropriate investment horizons consistent with the
43		-	objectives of the applicable funds and investment policies
44		-	while adhering to compliance, statutory and regulatory
45		-	guidance;
46		-	(B) Do not include the furtherance of
47		-	environmental, social, governance, political or ideological
48		-	interests.
49		-	(iv) Nonpecuniary factors are those that do not
50		-	provide confidence in increased returns or lower risk and
51		-	shall be deemed causes for concern by each investment
52		-	entity. No investment entity shall act based on
53		-	nonpecuniary factors, as doing so may result in lower
54		-	returns, increased risk or less funding being available to
55		-	the state of Wyoming;
56		-	(v) All vendors of each investment entity shall
57		-	adhere to the laws of Wyoming and the United States. Each
58		-	contract that an investment entity enters into with a
59		-	vendor shall require the vendor to acknowledge the
60		-	requirements of this paragraph;
61		-	(vi) Each investment entity shall respond in
62		-	writing after final determination to an investment partner,
63		-	manager or vendor that acts based on nonpecuniary factors
64		-	because that may result in a potential detrimental outcome ORIGINAL SENATE ENGROSSED
65		-	FILE NO. SF0191
66		-	ENROLLED ACT NO. 96, SENATE
67		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
68		-	2025 GENERAL SESSION
	1	+	2025
	2	+	STATE OF WYOMING
	3	+	25LSO-07161SF0191
	4	+	SENATE FILE NO. SF0191
	5	+	State funds-proxy voting and pecuniary investments.
	6	+	Sponsored by: Senator(s) Biteman, Barlow, French, Ide,
	7	+	Laursen, D, McKeown, Nethercott, Salazar and
	8	+	Smith, D
	9	+	A BILL
	10	+	for
	11	+	1 AN ACT relating to state funds; requiring the state
	12	+	2 treasurer and the Wyoming retirement board to provide for
	13	+	3 proxy voting associated with the investment of state funds;
	14	+	4 specifying investment criteria to ensure investments are
	15	+	5 made only on pecuniary factors; providing definitions;
	16	+	6 authorizing contracts and the use of investment earnings;
	17	+	7 making conforming amendments; specifying applicability; and
	18	+	8 providing for an effective date.
	19	+	9
	20	+	10
	21	+	11
	22	+	12. W.S. 9-4-722 is created to read:
	23	+	13
	24	+	14
	25	+	15 2025STATE OF WYOMING25LSO-07162SF01911
	26	+	2 (a) As used in this section, "investment entity"
	27	+	3 means the state treasurer and the Wyoming retirement board.
	28	+	4
	29	+	5 (b) The following shall apply to the investment of
	30	+	6 funds made by each investment entity:
	31	+	7
	32	+	8 (i) All investments shall be made through the
	33	+	9 exercise of judgment and care of a prudent investor in
	34	+	10 accordance with W.S. 9-3-408(b) and 9-4-715(d)(i);
	35	+	11
	36	+	12 (ii) Each investment entity shall act in the
	37	+	13 best financial interest of beneficiaries when evaluating
	38	+	14 managers, vendors, asset allocations and investment
	39	+	15 potential in order to obtain the highest total return on a
	40	+	16 risk-adjusted basis while adhering to all applicable laws;
	41	+	17
	42	+	18 (iii) Fiduciary decisions made by each
	43	+	19 investment entity shall be based only on pecuniary factors.
	44	+	20 For purposes of this paragraph, "pecuniary factors":
	45	+	21
	46	+	22 (A) Are factors that have been prudently
	47	+	23 determined and are expected to have a positive effect on 2025STATE OF WYOMING25LSO-07163SF0191
	48	+	1 the risk-adjusted return of investments, based on
	49	+	2 appropriate investment horizons consistent with the
	50	+	3 objectives of the applicable funds and investment policies
	51	+	4 while adhering to compliance, statutory and regulatory
	52	+	5 guidance;
	53	+	6
	54	+	7 (B) Do not include the furtherance of
	55	+	8 environmental, social, governance, political or ideological
	56	+	9 interests. Ideological interests include those that have
	57	+	10 crippled, corrupted, disadvantaged, subverted, damaged or
	58	+	11 otherwise harmed the citizens, children, industry and
	59	+	12 financial well-being of Wyoming and America.
	60	+	13
	61	+	14 (iv) Nonpecuniary factors are those that do not
	62	+	15 provide confidence in increased returns or lower risk and
	63	+	16 shall be deemed causes for concern by each investment
	64	+	17 entity. Each investment entity shall avoid nonpecuniary
	65	+	18 diversions from fiduciary responsibilities that may result
	66	+	19 in lower returns, increased risk and less funding being
	67	+	20 available to the state of Wyoming;
	68	+	21
	69	+	22 (v) All vendors of each investment entity shall
	70	+	23 adhere to the laws of Wyoming and the United States. Each 2025STATE OF WYOMING25LSO-07164SF0191
	71	+	1 contract that an investment entity enters into with a
	72	+	2 vendor shall require the vendor to acknowledge the
	73	+	3 requirements of this paragraph;
	74	+	4
	75	+	5 (vi) Each investment entity shall respond to an
	76	+	6 investment partner, manager or vendor that acts in a
	77	+	7 nonpecuniary manner that may result in a potential
	78	+	8 detrimental outcome to the highest total return on a
	79	+	9 risk-adjusted basis or a loss to the state's revenue;
	80	+	10
	81	+	11 (vii) In addition to providing a response under
	82	+	12 paragraph (vi) of this subsection, each investment entity
	83	+	13 may take any of the following actions necessary to insure
	84	+	14 that all fiduciary decisions are based on pecuniary
	85	+	15 factors:
	86	+	16
	87	+	17 (A) Requesting that the investment partner,
	88	+	18 manager or vendor change policies to ensure that
	89	+	19 investments are made based only on pecuniary factors;
	90	+	20
	91	+	21 (B) Voting of proxies to force change;
	92	+	22 2025STATE OF WYOMING25LSO-07165SF01911 (C) Divesting or replacing investments with
	93	+	2 competitive alternatives.
69	94		3
70		-	to the highest total return on a risk-adjusted basis or a
71		-	loss to the state's revenue;
72		-	(vii) In addition to providing a response under
73		-	paragraph (vi) of this subsection, each investment entity
74		-	may take any of the following actions necessary to ensure
75		-	that all fiduciary decisions are based on pecuniary
76		-	factors:
77		-	(A) Requesting that the investment partner,
78		-	manager or vendor change policies to ensure that
79		-	investments are made based only on pecuniary factors;
80		-	(B) Voting of proxies to force change;
81		-	(C) Divesting or replacing investments,
82		-	investment partners, managers or vendors with competitive
83		-	alternatives.
84		-	(viii) Each investment partner, vendor and
85		-	manager selected and utilized by each investment entity
86		-	shall adhere to the standard of care of being a fiduciary,
87		-	including the same obligations as investment entities under
88		-	paragraph (ii) of this subsection, and comply with all
89		-	requirements of the investment policy statements adopted by
90		-	the board under W.S. 9-4-716.
91		-	(c) Each investment entity shall provide management
92		-	oversight for the voting of proxies for all investments
93		-	made by the investment entity. Proxy votes shall be made in
94		-	a way that is consistent with the investment policy
95		-	statements adopted by the board under W.S. 9-4-716 and in
96		-	accordance with the pecuniary interests of Wyoming's
97		-	investments and the state's financial interests. ORIGINAL SENATE ENGROSSED
98		-	FILE NO. SF0191
99		-	ENROLLED ACT NO. 96, SENATE
100		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
101		-	2025 GENERAL SESSION
102		-	4(d) Each investment entity may hire a proxy manager
103		-	to implement this section. The investment entity shall
104		-	oversee the proxy manager selected under this subsection.
105		-	Each proxy manager shall report to the investment entity
106		-	not less than semiannually of the proxy manager's
107		-	activities.
108		-	(e) Each external investment manager selected by an
109		-	investment entity shall attest in writing not less than one
110		-	(1) time each year that the manager has adhered to the
111		-	requirements of this section.
112		-	(f) Each investment entity may use not more than one
113		-	(1) basis point of assets under management from annual
114		-	investment returns, with each invested fund's share
115		-	calculated in proportion to the magnitude of each fund
116		-	invested, for purposes of implementing the requirements of
117		-	this section. Funds authorized under this subsection are
118		-	continuously appropriated to the investment entity for use
119		-	as authorized by this subsection.
120		-	(g) Subject to state and federal law, the state
121		-	treasurer shall make available for public inspection and
122		-	download from the state treasurer's official website
123		-	information on all proxy votes regarding investments cast
124		-	on behalf of the state. The information shall include, at
125		-	minimum, the date of each vote, a description of the matter
126		-	being voted on and an explanation of the vote taken.
127		-	Information published on the official website under this
128		-	subsection shall be maintained on the state treasurer's
129		-	website for not less than five (5) years.
130		-	Section 2. W.S. 9-3-405(a)(v), 9-3-408(b),
131		-	9-3-436(a), 9-3-440(a)(intro) and (b), 9-4-714(a)(viii), ORIGINAL SENATE ENGROSSED
132		-	FILE NO. SF0191
133		-	ENROLLED ACT NO. 96, SENATE
134		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
135		-	2025 GENERAL SESSION
	95	+	4 (viii) Each investment partner, vendor and
	96	+	5 manager selected and utilized by each investment entity
	97	+	6 shall adhere to the standard of care of being a fiduciary
	98	+	7 and comply with all requirements of the investment policy
	99	+	8 statements adopted by the board under W.S. 9-4-716.
	100	+	9
	101	+	10 (c) Each investment entity shall provide management
	102	+	11 oversight for the voting of proxies for all investments
	103	+	12 made by the investment entity. Proxy votes shall be made in
	104	+	13 a way that is consistent with the investment policy
	105	+	14 statements adopted by the board under W.S. 9-4-716 and in
	106	+	15 accordance with the pecuniary interests of Wyoming's
	107	+	16 investments and the state's financial interests.
	108	+	17
	109	+	18 (d) Each investment entity may hire a proxy manager
	110	+	19 to implement this section. The investment entity shall
	111	+	20 oversee the proxy manager selected under this subsection.
	112	+	21 Each proxy manager shall report to the investment entity
	113	+	22 not less than semiannually of the proxy manager's
	114	+	23 activities. 2025STATE OF WYOMING25LSO-07166SF01911
	115	+	2 (e) Each external investment manager selected by an
	116	+	3 investment entity shall attest in writing not less than one
	117	+	4 (1) time each year that the manager has adhered to the
	118	+	5 requirements of this section.
	119	+	6
	120	+	7 (f) Each investment entity may use not more than one
	121	+	8 (1) basis point from annual investment returns, with each
	122	+	9 invested fund's share calculated in proportion to the
	123	+	10 magnitude of each fund invested, for purposes of
	124	+	11 implementing the requirements of this section. Funds
	125	+	12 authorized under this subsection are continuously
	126	+	13 appropriated to the investment entity for use as authorized
	127	+	14 by this subsection.
	128	+	15
	129	+	16W.S. 9-3-405(a)(v), 9-3-408(b),
	130	+	17 9-3-436(a), 9-3-440(a)(intro) and (b), 9-4-714(a)(viii),
	131	+	18 9-4-715(a)(intro) and (b) and 9-4-716(a) by creating new
	132	+	19 paragraphs (iii) and (iv) are amended to read:
	133	+	20
	134	+	21
	135	+	22 2025STATE OF WYOMING25LSO-07167SF01911 (a) In addition to any other duties prescribed by
	136	+	2 law, the board shall:
	137	+	3
	138	+	4 (v) Serve as investment trustee of the funds of
	139	+	5 the system. In serving as investment trustee under this
	140	+	6
	141	+	7;
	142	+	8
	143	+	9
	144	+	10
	145	+	11
	146	+	12 (b) The board, or its designee, which shall be
	147	+	13 registered under the Investment Advisor's Act of 1940 as
	148	+	14 amended, or any bank as defined in that act, upon written
	149	+	15 authority, shall invest monies in the retirement account,
	150	+	16 which investments shall not be considered disbursements for
	151	+	17 the purposes of W.S. 9-4-214 and subsection (a) of this
	152	+	18 section. In investing and managing monies in the retirement
	153	+	19 account ,
	154	+	20 the board, or its designee, shall exercise the judgment and
	155	+	21 care that a prudent investor would, in light of the
	156	+	22 purposes, terms, distribution requirements and all other
	157	+	23 circumstances surrounding the monies in the retirement 2025STATE OF WYOMING25LSO-07168SF0191
	158	+	1 account, including risk and return objectives established
	159	+	2 by the board which are reasonably suitable to the purpose
	160	+	3 of the Wyoming retirement system.
	161	+	4
136	162		5
137		-	9-4-715(a)(intro) and (b) and 9-4-716(a) by creating new
138		-	paragraphs (iii) and (iv) are amended to read:
139		-	9-3-405. Retirement board duties and powers.
140		-	(a) In addition to any other duties prescribed by
141		-	law, the board shall:
142		-	(v) Serve as investment trustee of the funds of
143		-	the system. In serving as investment trustee under this
144		-	paragraph, the board shall comply with the requirements of
145		-	W.S. 9-4-722;
146		-	9-3-408. Designated custodian of retirement account;
147		-	disbursements; investment of account monies.
148		-	(b) The board, or its designee, which shall be
149		-	registered under the Investment Advisor's Act of 1940 as
150		-	amended, or any bank as defined in that act, upon written
151		-	authority, shall invest monies in the retirement account,
152		-	which investments shall not be considered disbursements for
153		-	the purposes of W.S. 9-4-214 and subsection (a) of this
154		-	section. In investing and managing monies in the retirement
155		-	account ,
156		-	the board, or its designee, shall exercise the judgment and
157		-	care that a prudent investor would, in light of the
158		-	purposes, terms, distribution requirements and all other
159		-	circumstances surrounding the monies in the retirement
160		-	account, including risk and return objectives established
161		-	by the board which are reasonably suitable to the purpose
162		-	of the Wyoming retirement system.
163		-	9-3-436. Establishment of trust. ORIGINAL SENATE ENGROSSED
164		-	FILE NO. SF0191
165		-	ENROLLED ACT NO. 96, SENATE
166		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
167		-	2025 GENERAL SESSION
168		-	6(a) Except as otherwise provided in subsection (b) of
169		-	this section, all assets of a retirement system are held in
170		-	trust for the exclusive benefit of the members, retirees
171		-	and beneficiaries of the system, including reasonable
172		-	administrative expenses. The trustee has the exclusive
173		-	authority, subject to this act, to invest and manage those
174		-	assets.
175		-	9-3-440. Duties of trustee in investing and managing
176		-	assets of retirement system.
177		-	(a) In investing and managing assets of a retirement
178		-	system pursuant to W.S. 9-3-439
179		-	9-4-722, a trustee with authority to invest and manage
180		-	assets:
181		-	(b) A trustee with authority to invest and manage
182		-	assets of a retirement system shall adopt a statement of
183		-	investment objectives and policies for each retirement
184		-	program or appropriate grouping of programs, subject to the
185		-	requirements of W.S. 9-4-722. The statement shall include
186		-	the desired rate of return on assets overall, the desired
187		-	rates of return and acceptable levels of risk for each
188		-	asset class, asset-allocation goals, guidelines for the
189		-	delegation of authority and information on the types of
190		-	reports to be used to evaluate investment performance. At
191		-	least annually, the trustee shall review the statement and
192		-	change or reaffirm it.
193		-	9-4-714. Definitions.
194		-	(a) As used in this act:
195		-	(viii) "This act" means W.S. 9-4-714 through
196		-	9-4-721 9-4-722. ORIGINAL SENATE ENGROSSED
197		-	FILE NO. SF0191
198		-	ENROLLED ACT NO. 96, SENATE
199		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
200		-	2025 GENERAL SESSION
	163	+	6
	164	+	7 (a) Except as otherwise provided in subsection (b) of
	165	+	8 this section, all assets of a retirement system are held in
	166	+	9 trust for the exclusive benefit of the members, retirees
	167	+	10 and beneficiaries of the system, including reasonable
	168	+	11 administrative expenses. The trustee has the exclusive
	169	+	12 authority, subject to this act, to invest and manage those
	170	+	13 assets, subject to the requirements of W.S. 9-4-722.
	171	+	14
	172	+	15
	173	+	16
	174	+	17
	175	+	18 (a) In investing and managing assets of a retirement
	176	+	19 system pursuant to W.S. 9-3-439
	177	+	20, a trustee with authority to invest and manage
	178	+	21 assets:
	179	+	22 2025STATE OF WYOMING25LSO-07169SF01911 (b) A trustee with authority to invest and manage
	180	+	2 assets of a retirement system shall adopt a statement of
	181	+	3 investment objectives and policies for each retirement
	182	+	4 program or appropriate grouping of programs, subject to the
	183	+	5. The statement shall include
	184	+	6 the desired rate of return on assets overall, the desired
	185	+	7 rates of return and acceptable levels of risk for each
	186	+	8 asset class, asset-allocation goals, guidelines for the
	187	+	9 delegation of authority and information on the types of
	188	+	10 reports to be used to evaluate investment performance. At
	189	+	11 least annually, the trustee shall review the statement and
	190	+	12 change or reaffirm it.
	191	+	13
	192	+	14
	193	+	15
	194	+	16 (a) As used in this act:
	195	+	17
	196	+	18 (viii) "This act" means W.S. 9-4-714 through
	197	+	199-4-722
	198	+	20
	199	+	21
	200	+	22 2025STATE OF WYOMING25LSO-071610SF01911 (a) The state treasurer, in consultation with the
	201	+	2 investment funds committee, shall employ a designated chief
	202	+	3 investment officer who shall have minimum qualifications
	203	+	4 including at least ten (10) years of experience managing
	204	+	5 institutional investment portfolios of in excess of five
	205	+	6 hundred million dollars ($500,000,000.00), experience with
	206	+	7 hiring and managing internal and external investment
	207	+	8 managers and extensive experience in any two (2) or more of
	208	+	9 the following areas: domestic equity, fixed income
	209	+	10 securities, international equity or alternative
	210	+	11 investments. The designated chief investment officer shall
	211	+	12 provide the state treasurer with information and
	212	+	13 recommendations regarding the investment of state funds and
	213	+	14 additional information as requested by the state treasurer.
	214	+	15
	215	+	16
	216	+	17 The state treasurer shall compile an annual report
	217	+	18 which shall include investment, income, individual and
	218	+	19 aggregate gains and losses by fund and the extent to which
	219	+	20 the state investment policy is being implemented. Subject
	220	+	21 to requirements of subsection (c) of this section, state
	221	+	22 funds may be invested in any investment:
	222	+	23 2025STATE OF WYOMING25LSO-071611SF01911 (b) The state treasurer, or his designee, which shall
	223	+	2 be registered under the Investment Advisor's Act of 1940 as
	224	+	3 amended if required to be registered by the terms of that
	225	+	4 act as amended, may invest the permanent funds in equities,
	226	+	5 including stocks of corporations in accordance with
	227	+	6 subsections (a) through (e) of this section,
	228	+	7 9-4-716 . The state treasurer shall report at
	229	+	8 least annually to the select committee on capital financing
	230	+	9 and investments, the joint appropriations committee and the
	231	+	10 investment funds committee on the analysis conducted
	232	+	11 pursuant to paragraph (d)(ii) of this section and W.S.
	233	+	12 9-4-716(b)(ix) and (e).
	234	+	13
	235	+	14
	236	+	15
	237	+	16
	238	+	17 (a) The board, in consultation with the investment
	239	+	18 funds committee, shall adopt investment policy statements
	240	+	19 for state funds and shall review those policy statements at
	241	+	20 least annually. These policy statements shall be subject to
	242	+	21 the following:
	243	+	22 2025STATE OF WYOMING25LSO-071612SF01911
	244	+	2
	245	+	3
	246	+	4
	247	+	5
	248	+	6
201	249		7
202		-	9-4-715. Permissible investments.
203		-	(a) The state treasurer, in consultation with the
204		-	investment funds committee, shall employ a designated chief
205		-	investment officer who shall have minimum qualifications
206		-	including at least ten (10) years of experience managing
207		-	institutional investment portfolios of in excess of five
208		-	hundred million dollars ($500,000,000.00), experience with
209		-	hiring and managing internal and external investment
210		-	managers and extensive experience in any two (2) or more of
211		-	the following areas: domestic equity, fixed income
212		-	securities, international equity or alternative
213		-	investments. The designated chief investment officer shall
214		-	provide the state treasurer with information and
215		-	recommendations regarding the investment of state funds and
216		-	additional information as requested by the state treasurer.
217		-	The state treasurer shall vote the shares of investments of
218		-	state funds or use proxy voting in accordance with W.S.
219		-	9-4-722. The state treasurer shall compile an annual report
220		-	which shall include investment, income, individual and
221		-	aggregate gains and losses by fund and the extent to which
222		-	the state investment policy is being implemented. Subject
223		-	to requirements of subsection (c) of this section, state
224		-	funds may be invested in any investment:
225		-	(b) The state treasurer, or his designee, which shall
226		-	be registered under the Investment Act
227		-	of 1940 as amended if required to be registered by the
228		-	terms of that act as amended, may invest the permanent
229		-	funds in equities, including stocks of corporations in
230		-	accordance with subsections (a) through (e) of this
231		-	section, . The state treasurer
232		-	shall report at least annually to the select committee on
233		-	capital financing and investments, the joint appropriations ORIGINAL SENATE ENGROSSED
234		-	FILE NO. SF0191
235		-	ENROLLED ACT NO. 96, SENATE
236		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
237		-	2025 GENERAL SESSION
238	250		8
239		-	committee and the investment funds committee on the
240		-	analysis conducted pursuant to paragraph (d)(ii) of this
241		-	section and W.S. 9-4-716(b)(ix) and (e).
242		-	9-4-716. State investment policy; investment
243		-	consultant.
244		-	(a) The board, in consultation with the investment
245		-	funds committee, shall adopt investment policy statements
246		-	for state funds and shall review those policy statements at
247		-	least annually. These policy statements shall be subject to
248		-	the following:
249		-	(iii) The state treasurer shall vote the shares
250		-	of investments of state funds or use proxy voting in
251		-	accordance with W.S. 9-4-722;
252		-	(iv) Investment policy statements shall include
253		-	the requirements for investments to be made based on only
254		-	pecuniary factors in accordance with W.S. 9-4-722.
255		-	Section 3. Nothing in this act shall be construed to
256		-	alter, amend or impair any contract entered into before the
257		-	effective date of this act.
258		-	Section 4.
259		-	(a) The state treasurer is authorized two (2)
260		-	full-time positions within the investments division for
261		-	purposes of this act and investing state funds.
262		-	(b) From special revenue authorized for expenditure
263		-	under W.S. 9-4-722(f), as created by this act, up to six
264		-	hundred fifty-two thousand nine hundred forty dollars
265		-	($652,940.00) is for the purposes of funding the positions ORIGINAL SENATE ENGROSSED
266		-	FILE NO. SF0191
267		-	ENROLLED ACT NO. 96, SENATE
268		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
269		-	2025 GENERAL SESSION
270		-	9
271		-	created by subsection (a) of this section for the period
272		-	beginning July 1, 2025 and ending June 30, 2026. It is the
273		-	intent of the legislature that the positions authorized in
274		-	subsection (a) of this section be included in the standard
275		-	budget for the state treasurer for the immediately
276		-	succeeding fiscal biennium.
277		-	(c) If 2025 Senate File 0001 or 2025 House Bill 0001
278		-	is enacted into law, the special revenue authorized for
279		-	expenditure in subsection (b) of this section shall be
280		-	reduced by one dollar ($1.00) for every one dollar ($1.00)
281		-	in special revenue appropriated and one (1) full-time
282		-	position for every one (1) full-time employee position
283		-	authorized in the investment division of the state
284		-	treasurer's office in 2025 Senate File 0001 or 2025 House
285		-	Bill 0001, as enacted into law. ORIGINAL SENATE ENGROSSED
286		-	FILE NO. SF0191
287		-	ENROLLED ACT NO. 96, SENATE
288		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
289		-	2025 GENERAL SESSION
290		-	10Section 5. This act is effective July 1, 2025.
291		-	(END)
292		-	Speaker of the HousePresident of the SenateGovernorTIME APPROVED: _________DATE APPROVED: _________
293		-	I hereby certify that this act originated in the Senate.
294		-	Chief Clerk
	251	+	9. Nothing in this act shall be construed to
	252	+	10 alter, amend or impair any contract entered into before the
	253	+	11 effective date of this act.
	254	+	12
	255	+	13. This act is effective July 1, 2025
	256	+	14
	257	+	15 (END)