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Trust advisers recap Texas legislative session: proxy-advisory bill moves while fiduciary bill stalls
Summary
Schleeder Group told the board the 89th Texas Legislature passed Senate Bill 2337 (proxy‑advisory regulation), while their draft fiduciary-duty bill (SB 312) did not leave committee. Trustees discussed interim coverage under their lobby contract and coordination with other plans.
Trustees received a legislative update from the Schleeder Group of Texas on how the 89th Texas Legislature affected public‑pension issues.
Jeff Heckler of the Schleeder Group opened the presentation by saying, “we're your eyes and ears in Austin, Texas,” and summarized the session’s temperament and outcomes. Brad Schleeder, who led the session overview for the group, said the largest pension-related result for the session was Senate Bill 2337, which moved through the Legislature and addresses proxy‑advisory firms and disclosure rules; Schleeder said that SB 2337 “did move and did pass.”
Schleeder told trustees a second bill the trust tracked closely, Senate Bill 312 (a follow‑up effort addressing fiduciary duty and environmental, social and governance considerations), “never left his committee” and was shelved. A related House filing, described in the meeting as House Bill 3736, did not receive a hearing. Schleeder noted the legislature pursued other state investment limits and that most local pension reform bills the trust tracked did not pass; the Austin firefighters’ voluntary pension reform bill was cited as a local exception that passed.
Why it matters: the board had contracted lobbyists (the Schleeder Group) for the session and was briefed on outcomes that could affect the trust’s investment policy and reporting obligations. Trustees asked about the lobbying contract’s duration; staff said the contract covers the session and the interim and that the executive committee will decide later whether to extend or re‑bid before the next legislative session.
Trustees and advisers discussed next steps including interim committee studies and possible outreach to pension committee chairs in Austin. Schleeder recommended the board consider continued engagement during the interim and offered to coordinate introductions to influential committee chairs.
The board did not take formal votes on legislative strategy at the meeting; trustees said they would continue monitoring developments and the governor’s action on enacted bills.
