SB 372

Bill Subjects

Abstract

Provides that a fiduciary, in making and supervising investments of a reserve fund of the public pension system, shall discharge the fiduciary's duties solely in the financial interest of the participants and beneficiaries of the public pension system. Establishes certain requirements for fiduciaries, proxy advisors, service providers, and proxy voting. Requires a governmental entity to, at least annually, tabulate and report all proxy votes made in relation to the administration of a fund of the public pension system. Provides that the attorney general shall enforce these provisions. Imposes a civil penalty if a company serving as a fiduciary in regards to a fund of the public pension system violates these provisions.