SB 96: Utah Requires Public Entities to Invest Based Solely on Pecuniary Interests
Summary
Enacted in March 2023, SB 96 requires public entities—including cities and counties—to invest public funds in accordance with the prudent investor rule and to ensure proxy voting is exercised to maximize risk-adjusted returns for the exclusive benefit of beneficiaries. The prudent investor rule is explained elsewhere and requires trustees to make investment decisions and manage assets "as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust."
Impacted Sectors
Additional Information
© 2025 Akin Gump Strauss Hauer & Feld LLP. All rights reserved. Attorney advertising. This document is distributed for informational use only; it does not constitute legal advice and should not be used as such. Prior results do not guarantee a similar outcome. Akin is the practicing name of Akin Gump LLP, a New York limited liability partnership authorized and regulated by the Solicitors Regulation Authority under number 267321. A list of the partners is available for inspection at Eighth Floor, Ten Bishops Square, London E1 6EG. For more information about Akin Gump LLP, Akin Gump Strauss Hauer & Feld LLP and other associated entities under which the Akin Gump network operates worldwide, please see our Legal Notices page.