Montana Title 17. State Finance § 17-6-231. Definitions

(1)(a) “Material” means a risk or return regarding which there is a substantial likelihood that a reasonable investor would attach importance when:

(b) When used to qualify a risk or return, the term does not include furthering nonpecuniary, environmental, social, governance, or other similarly oriented considerations, or any portion of a risk or return that primarily relates to events that involve a high degree of uncertainty regarding what may or may not occur in the distant future and are systemic, general, or not investment-specific in nature.

(3)(a) “Pecuniary factor” means a factor that has a material effect on the financial risk or financial return of an investment based on appropriate investment horizons consistent with the plan's investment objectives and funding policy.

(b) The term does not include nonpecuniary factors.