Sagebrush dominates a Wyoming school trust parcel that's heavily used by pronghorn migrating south off the Pinedale Mesa. (Mike Koshmrl/WyoFile)

CHEYENNE, Wyo. — On Aug. 2, the Office of the Secretary of State filed its Notice of Intent to amend Chapters 2, 4, 5 and 10 of its Securities Rules with the Wyoming Administrative Rules System to require disclosure of Environmental, Social, and Governance, or ESG, investment strategies.

This would be done by requiring investment advisers, broker-dealers and securities agents to disclose to their customers or clients whether they are incorporating a social objective. Copies of the proposed rules may be obtained on the Wyoming Administrative Rules System at

“I am deeply disturbed by the negative impact ESG investing has on the people of Wyoming,” Secretary of State Chuck Gray said. “ESG investments maliciously target Wyoming’s core industries by divesting from its coal, natural gas, and agricultural sectors. Also, ESG investing harms those whose hard-earned money is being invested through investment strategies which do not consider the highest financial return. With an increasing trend of mutual funds and brokerage firms being pressured by woke politicians to offer investment products which employ ESG principles, we must take an active role to protect our state and consumers. Our Office’s proposed rule, which requires investment advisers, broker dealers, and securities agents to disclose to their clients when they are using their clients’ funds to engage in ESG investment strategies, is the first concrete action taking on ESG in Wyoming.”

Public comments regarding the rules may be submitted by email via the Rules System at by using advanced search for proposed rules and the “Provide Public Comment” link, or by emailing comments directly to The public comment period ends Sept. 29. A public comment hearing on the proposed rules has been scheduled for Sept. 29 as well, taking place at 10 a.m. at the Capitol Extension Conference Center Auditorium in Cheyenne. People may attend virtually by registering via Zoom.