government investments; products; fiduciaries; plans

SB 1093 requires Arizona state fiduciaries managing retirement plans, university funds, or community college programs to prioritize only financial returns ("pecuniary factors") when making investment decisions. It bans consideration of environmental, social, or political goals in investment choices or voting shares held by state funds. The bill mandates the state treasurer publicly list all state investments and investment managers on a website, updating it regularly. It also prohibits fiduciaries from following proxy voting recommendations that prioritize non-financial factors or granting voting authority to outside entities that do so.