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Committee weighs Senate File 191 to codify proxy-voting limits and reporting for state investments; discussion continued
Summary
Committee members and witnesses debated a bill to codify proxy-voting rules and reporting for state investments, including a provision limiting proxy-voting administrative costs to one basis point; discussion was continued and no committee vote was taken.
Senate File 191, a bill that would codify the state treasurer’s proxy-voting policy and permit a limited expenditure for proxy-voting services, drew extended discussion but no committee vote; members agreed to continue the conversation at the next meeting.
Senator Beau Biedman, who identified himself for the record as “Beau Biedman, senate district 21, Sheridan County,” presented the bill and said it is intended to “protect our investments” by ensuring proxy voting is conducted “with the sole aim of maximizing financial returns rather than advancing an environmental, social, and governance objective.” He told the committee the bill creates a new statutory section and codifies the treasurer’s current practices.
State Treasurer Kurt Meyer testified in support of the codification, saying he “applaud[s] the effort of the senators” and described work the…
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