Investment of state funds; proxy voting requirements.
Wyo. Stat. Ann. § 9-4-722
in effect(a) As used in this section, "investment entity" means the state treasurer and the Wyoming retirement board.
(b) The following shall apply to the investment of funds made by each investment entity:
(i) All investments shall be made through the exercise of judgment and care of a prudent investor in accordance with W.S. 9-3-408(b) and 9-4-715(d)(i);
(ii) Each investment entity shall solely act in the financial interest of beneficiaries when evaluating managers, vendors, asset allocations and investment potential in order to obtain the highest total return on a risk-adjusted basis while adhering to all applicable laws;
(iii) Fiduciary decisions made by each investment entity shall be based only on pecuniary factors. For purposes of this paragraph, "pecuniary factors":
(A) Are factors that have been prudently determined and are expected to have a positive effect on the risk-adjusted return of investments, based on appropriate investment horizons consistent with the objectives of the applicable funds and investment policies while adhering to compliance, statutory and regulatory guidance;
(B) Do not include the furtherance of environmental, social, governance, political or ideological interests.
(iv) Nonpecuniary factors are those that do not provide confidence in increased returns or lower risk and shall be deemed causes for concern by each investment entity. No investment entity shall act based on nonpecuniary factors, as doing so may result in lower returns, increased risk or less funding being available to the state of Wyoming;
(v) All vendors of each investment entity shall adhere to the laws of Wyoming and the United States. Each contract that an investment entity enters into with a vendor shall require the vendor to acknowledge the requirements of this paragraph;
(vi) Each investment entity shall respond in writing after final determination to an investment partner, manager or vendor that acts based on nonpecuniary factors because that may result in a potential detrimental outcome to the highest total return on a risk-adjusted basis or a loss to the state's revenue;
(vii) In addition to providing a response under paragraph (vi) of this subsection, each investment entity may take any of the following actions necessary to ensure that all fiduciary decisions are based on pecuniary factors:
(A) Requesting that the investment partner, manager or vendor change policies to ensure that investments are made based only on pecuniary factors;
(B) Voting of proxies to force change;
(C) Divesting or replacing investments, investment partners, managers or vendors with competitive alternatives.
(viii) Each investment partner, vendor and manager selected and utilized by each investment entity shall adhere to the standard of care of being a fiduciary, including the same obligations as investment entities under paragraph (ii) of this subsection, and comply with all requirements of the investment policy statements adopted by the board under W.S. 9-4-716.
(c) Each investment entity shall provide management oversight for the voting of proxies for all investments made by the investment entity. Proxy votes shall be made in a way that is consistent with the investment policy statements adopted by the board under W.S. 9-4-716 and in accordance with the pecuniary interests of Wyoming's investments and the state's financial interests.
(d) Each investment entity may hire a proxy manager to implement this section. The investment entity shall oversee the proxy manager selected under this subsection. Each proxy manager shall report to the investment entity not less than semiannually on the proxy manager's activities.
(e) Each external investment manager selected by an investment entity shall attest in writing not less than one (1) time each year that the manager has adhered to the requirements of this section.
(f) Each investment entity may use not more than one (1) basis point of assets under management from annual investment returns, with each invested fund's share calculated in proportion to the magnitude of each fund invested, for purposes of implementing the requirements of this section. Funds authorized under this subsection are continuously appropriated to the investment entity for use as authorized by this subsection.
(g) Subject to state and federal law, the state treasurer shall make available for public inspection and download from the state treasurer's official website information on all proxy votes regarding investments cast on behalf of the state. The information shall include, at minimum, the date of each vote, a description of the matter being voted on and an explanation of the vote taken. Information published on the official website under this subsection shall be maintained on the state treasurer's website for not less than five (5) years.
Source: WY Statutes (Official Site)URL: https://wyoleg.gov/statutes/compress/title09.pdfFetched: 10/4/2026