Texas HB4807 amends fiduciary responsibilities for public retirement systems and their investment managers and proxy advisors.

Texas HB4807 amends the fiduciary responsibilities of the governing bodies of public retirement systems in Texas, including the Employees Retirement System of Texas and the Teacher Retirement System of Texas. The bill mandates that investment managers and proxy advisors acting on behalf of these systems must consider only financial factors when making investment decisions and voting shares. It requires these entities to submit reports to the retirement systems and the State Pension Review Board, detailing proxy votes and investment relationships.

Texas HB4807 amends fiduciary responsibilities for public retirement systems and their investment managers and proxy advisors.

Texas HB4807 amends the fiduciary responsibilities of the governing bodies of public retirement systems in Texas, including the Employees Retirement System of Texas and the Teacher Retirement System of Texas. The bill mandates that investment managers and proxy advisors acting on behalf of these systems must consider only financial factors when making investment decisions and voting shares. It requires these entities to submit reports to the retirement systems and the State Pension Review Board, detailing proxy votes and investment relationships.