Wyoming's Senate Bill 191, introduced on March 6, 2025, aims to enhance transparency and accountability in the state's investment management practices. The bill outlines a framework for investment entities to hire proxy managers, who will be responsible for implementing investment strategies while adhering to strict reporting requirements. Each proxy manager must report their activities to the investment entity at least twice a year, ensuring oversight and compliance with the bill's provisions.

A key feature of Senate Bill 191 is the requirement for external investment managers to provide annual written attestations confirming their adherence to the new regulations. This measure is designed to bolster accountability and ensure that investment practices align with state standards. Additionally, the bill allows investment entities to allocate a small portion—no more than one basis point of assets under management—from annual investment returns to cover the costs associated with these requirements.

In a move towards greater public transparency, the bill mandates that the state treasurer make proxy voting information publicly accessible online. This includes details such as the date of each vote, a description of the matter, and the rationale behind the vote. This information will be maintained on the state treasurer's website for a minimum of five years, allowing for public scrutiny of investment decisions made on behalf of the state.

While the bill has garnered support for its focus on transparency, it has also sparked debates regarding the potential administrative burden on investment entities and the implications for investment returns. Critics argue that the additional reporting requirements could complicate investment processes and deter potential managers from engaging with the state.

The implications of Senate Bill 191 extend beyond regulatory compliance; it reflects a growing trend towards transparency in public finance and investment management. As Wyoming seeks to enhance its investment practices, the bill could serve as a model for other states aiming to improve accountability in public investment strategies. The next steps will involve discussions in the legislature, where the bill's provisions may be further refined before a final vote.