Relating to: the management of assets of and the voting of ownership interests in securities by the Wisconsin Retirement System and the retirement systems of the City and County of Milwaukee. (FE)

AB 767 requires Wisconsin's retirement systems (including the Wisconsin Retirement System and Milwaukee's city/county systems) to vote on shareholder proposals based solely on the financial returns for participants, not social or environmental goals. It prohibits voting to advance environmental, social, or governance objectives unless an economic analysis proves it benefits participants financially. The bill also restricts how retirement boards use proxy advisory firms, mandating that their recommendations must align with the sole economic interest of participants and banning recommendations based on prior shareholder support or non-financial criteria. These rules apply to all voting on shareholder proposals, including executive compensation votes.