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)

SB 763 requires Wisconsin’s state retirement system and Milwaukee’s city/county retirement systems to vote on securities solely based on participants’ economic interests, not environmental, social, or ideological goals. It mandates that voting decisions must maximize risk-adjusted investment returns for participants, with specific rules for handling shareholder proposals and proxy advisory firm recommendations. The bill prohibits using proxy advisors whose recommendations prioritize non-economic factors or conflict with issuer board advice, unless an economic analysis proves the vote serves participants’ financial interests. This directly affects how these retirement systems manage assets and cast votes on company shareholder proposals.