Arizona SB1503 amends pension benefit plans to add fiduciary duties and proxy voting responsibilities.

Arizona SB1503 amends title 38, Arizona Revised Statutes, by adding chapter 6.1, which establishes fiduciary duties and proxy voting responsibilities for pension benefit plans. The bill mandates that fiduciaries vote shares held by pension benefit plans in the sole economic interest of the plan's participants and beneficiaries. It prohibits fiduciaries from voting in a manner that subordinates economic interests to environmental, social, policy, governance, or ideological goals.

Arizona SB1503 amends pension benefit plans to add fiduciary duties and proxy voting responsibilities.

Arizona SB1503 amends title 38, Arizona Revised Statutes, by adding chapter 6.1, which establishes fiduciary duties and proxy voting responsibilities for pension benefit plans. The bill mandates that fiduciaries vote shares held by pension benefit plans in the sole economic interest of the plan's participants and beneficiaries. It prohibits fiduciaries from voting in a manner that subordinates economic interests to environmental, social, policy, governance, or ideological goals.