Prudent investor rule for management of investments -- Proxy voting -- Sale of security or investment for less than cost -- State treasurer access

(1) Subject to Subsection (2), a person selecting investments authorized by Sections 51-7-11 and 51-7-13 shall: (a) select investments not for speculation but for investment; and (b) consider: (i) the probable safety of the capital; (ii) the probable benefits to be derived; (iii) the probable duration for which that investment may be made; (iv) the investment objectives specified in Section 51-7-17; and (v) the investment portfolio as a whole. (2) A public treasurer shall: (a) invest public funds in accordance with the prudent investor rule established in Title 75B, Chapter 2, Part 9, Uniform Prudent Investor Act; (b) make public fund investment decisions with the sole purpose of maximizing the risk-adjusted return on the investments; and (c) to the extent practicable: (i) (A) retain the right to vote investor proxies; or (B) if the investments are commingled with another investor's funds, request the right to vote investor proxies; and (ii) ensure proxy voting is exercised to maximize risk-adjusted returns for the exclusive benefit of beneficiaries. (3) A public treasurer may sell or otherwise dispose of, at less than cost, any security or investment in which public funds under the public treasurer's jurisdiction have been invested if that sale or other disposition tends to maximize the benefits that may be derived from the changed investment. (4) (a) A public treasurer shall make proxy voting records available to the state treasurer upon the state treasurer's request. (b) The state treasurer is subject to the same restrictions on disclosure of the proxy voting records as the originating public treasurer.