Title	Key Dates	Nature of Action	ESG Category	Summary
Wyoming Governor Issues Line-Item Vetoes to Secretary of State’s ESG Investing Rules	Adopted and in effect 2/27/2024	Governor Position	Affirmatively Not Restricting ESG	■ On February 27, 2024, Governor Mark Gordon line-item vetoed amendments to Chapters 2, 4, 5, and 10 of the Wyoming Secretary of State’s Securities Rules, which required disclosure and consent to ESG investment strategies by requiring investment advisers, broker-dealers, and securities agents to disclose to their customers or clients whether they are incorporating a social objective, i.e. whether they are considering social criteria, in the investment or commitment of customer or client funds, and obtain their consent. ■ Following the Governor’s line-item veto, the rules limit the definition of a social objective, and will require written disclosure for some ESG-related investments, but will not require customer or client consent. ■ “While I agree that ESG investment guidance is improper and misleading, the answer to too much government interference in our lives is not more government,” Governor Gordon said. “No government should have the right to direct people’s personal investment strategies.” In the letter he sent to the Secretary of State, Governor Gordon notes that by law he can only approve rules within the bounds set by statute. In the case of the proposed rules addressing ESG investing, the statute does not allow the government to tell individuals how they must invest their dollars. The consumer protection required by Wyoming and federal law speaks to transparency and disclosure only. Informed consumers should have the freedom to make their own investment choices. “Our appetite to oppose radical and misguided ESG initiatives in Wyoming does not justify implementing rules beyond the scope of statutory authority or interfering in the personal investment choices of Wyoming citizens. Personal responsibility and liberty are sacred principles that are all too often usurped by government mandate,” he added.
The State Loan and Investment Board Unanimously Adopts a New Investment Policy that Condemns the use of ESG Investment Criteria	Adopted and in effect 8/3/2023	IPS Revisions	Restrict Use of ESG Factors; Focus on Pecuniary Characteristics	■ On August 3, 2023, the State Loan and Investment Board unanimously adopted a new investment policy that condemns the use of ESG investment criteria. As revised, those managing the state’s roughly $26 billion worth of investments are reminded that they must seek “the highest total return on a risk adjusted basis.” If the treasurer’s office learns that an investment partner is “acting in a non-pecuniary manner,” and if they’re hurting the state’s returns or general revenue, the office will reach out and take some form of action. That could be as low-key as asking a firm to modify its policies or as severe as dumping them for a competitor. ■ The new policy specifically provides that "all Individuals are fiduciaries bound by the Prudent Investor Rule. Accordingly, all Individuals shall act in the best financial interest of beneficiaries while evaluating managers, vendors, asset allocations and investment potential in order to obtain the highest total return on a risk adjusted basis while adhering to applicable rules of law. Fiduciary decisions can only be based on pecuniary factors, meaning they have been prudently determined and are expected to have a positive effect on the risk-adjusted return of investments, based on appropriate investment horizons consistent with the funds’ objectives and investment policies while adhering to compliance, statutory and regulatory guidance. Pecuniary factors do not include the furtherance of environmental, social, governance, political, or ideological interests. These investment criteria have crippled, corrupted, disadvantaged, subverted, damaged, or otherwise harmed the children, citizens, industry, and financial well-being of Wyoming and America and we expect they will continue to do so. Non-pecuniary factors do not provide confidence in increased returns or lower risk; conversely, they may be cause for alarm and concern. Non-pecuniary diversions from fiduciary responsibilities will most likely result in lower returns and increased risk, resulting in less funding being available to the State of Wyoming in general. In addition, all vendors must adhere to the laws of Wyoming and the United States."
Treasurer’s Office updates ESG policy	Adopted and in effect 5/3/2023	Treasurer Position	Restrict Use of ESG Factors; Focus on Pecuniary Characteristics	■Wyoming State Treasurer Curt Meier's office has updated its policy on ESG policies as applied to the State’s investment managers. It states that "the goal of Wyoming’s investment managers should be to maximize Wyoming’s risk-adjusted return, not be the government or act like nonelected representatives for cultural change."
HB0236: Firearms Transactions-Financial Discrimination	Effective date 7/1/2023 Adopted 4/7/2021 Introduced 3/4/2021	Legislation	Target Entities That Boycott Certain Industries	■Prohibits financial institutions from discriminating against firearm entities because of such status. ■Does not apply to financial institutions that choose not to provide services to a firearm entity for a business or financial reason, as a regulatory requirement, or when a financial institution has a written policy against discrimination against firearms businesses. ■It also authorizes the Wyoming Attorney General to bring an action to request a declaratory judgment, an injunction or a civil penalty not to exceed $20,000.00 per violation. The Attorney General also shall inform the Governor and request the state terminate any business relationship with any financial institution found to have violated the act.

Title	Key Dates	Nature of Action	ESG Category	Summary
SF0172: Stop ESG-State funds fiduciary duty act	Introduced, but did not pass in the 2023 legislative session	Legislation	Restrict Use of ESG Factors; Focus on Pecuniary Characteristics	■Requires an investment fiduciary to discharge his or her duties in the interests of beneficiaries of state funds for the exclusive purpose of providing financial benefits and paying reasonable expenses for administering the investment of state funds. Additionally, requires an investment fiduciary to take into account only financial factors when discharging fiduciary duties. ■All shares of stock held directly or indirectly by or on behalf of an investment entity or on behalf of the investment entity's beneficiaries shall be voted solely in the financial interest of the beneficiaries. SUBSEQUENT DEVELOPMENTS Tracks the Heritage Foundation's "State Pension Fiduciary Duty Act"
SF0159: Stop ESG-Eliminate economic boycott act	Introduced, but did not pass in the 2023 legislative session	Legislation	Target Entities That Boycott Certain Industries	■Requires parties to state contracts to certify that they do not engage in boycotting or discrimination against fossil fuel production, agriculture, timber production and firearms companies.
HB0210: Financial institution discrimination against energy companies	Introduced, but did not pass in the 2023 legislative session	Legislation	Target Entities That Boycott Certain Industries	■Authorizes the state treasurer to prepare and maintain a list of financial institutions engaged in discrimination against energy companies. Requires the state treasurer and state auditor to refuse to enter into a banking contract with a financial institution on the list once published.

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