Texas SB312 amends fiduciary responsibilities for public retirement systems and their investment managers and proxy advisors.

Texas SB312 amends the Texas Government Code to enhance the fiduciary responsibilities of public retirement systems and their investment managers and proxy advisors. It mandates that investment managers and governing bodies of public retirement systems must act solely in the financial interest of participants and beneficiaries, focusing on managing risk and providing financial benefits. The bill also requires that all shares held by or on behalf of a public retirement system be voted solely based on financial factors.

Texas SB312 amends fiduciary responsibilities for public retirement systems and their investment managers and proxy advisors.

Texas SB312 amends the Texas Government Code to enhance the fiduciary responsibilities of public retirement systems and their investment managers and proxy advisors. It mandates that investment managers and governing bodies of public retirement systems must act solely in the financial interest of participants and beneficiaries, focusing on managing risk and providing financial benefits. The bill also requires that all shares held by or on behalf of a public retirement system be voted solely based on financial factors.