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California

California has two main public pension funds:

The CalPERS board represents state, school, and public agency employees, as well as some judges and legislators; the board consists of 13 members: 4 Ex Officio (State Controller, State Treasurer, State Department of Human Resources, State Personnel Board); 2 appointed by the Governor; 1 appointed jointly by the Senate Rules Committee and Speaker of the Assembly; 6 elected by public pensioners.
- CalPERS discloses its specific proxy voting records on this website.
The CalSTRS board represents public school teachers and consists of 12 members: 3 member-elected positions representing current educators, a retired CalSTRS member appointed by the Governor and confirmed by the Senate, 3 public representatives appointed by the Governor and confirmed by the Senate, a school board representative appointed by the Governor and confirmed by the Senate, 4 ex officio board members: Director of Finance, State Controller, State Superintendent of Public Instruction and State Treasurer.
- CalSTRS discloses its specific proxy voting records on this website.

The first table shows the aggregated proxy voting records of the state’s asset managers, who manage the pensions’ stock market portfolio either through mutual funds or ETFs, and are therefore exercising proxy voting privileges as well. The second table shows the state’s publicly disclosed proxy voting records for public securities that it directly owns through pension fund portfolios. Both of these tables are necessary to reflect an accurate and comprehensive picture of the state’s proxy voting records.

By Asset Manager

AQR Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

82%

BlackRock Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

7%

Columbia Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

39%

Fidelity Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

14%

Impax Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

85%

Invesco Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

34%

JPMorgan Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

20%

Lazard Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

49%

PIMCO Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

85%

Principal Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

46%

UBS Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

48%

Blackstone Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

84%

RBC Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

37%

Baillie Gifford Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

29%

Mondrian Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

47%

Sprott Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

0%

AGF Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

100%

Pzena Funds

Percentage of times Mgr. voted “for” pro-ESG proposals:

0%

Asset Manager Voting

Pro-ESG

24.9%

Anti-ESG

1.7%

Anti-Fossil Fuels

23%

Anti-Pollution/Waste

29%

Animal Rights

18%

DEI

26%

Weapons/Defense

13%

Human Rights

31%

Income Equality

37%

Political Speech/Lobbying Spending

32%

Health Care

13%

Race/Gender targets on Boards

43%

Non-Pecuniary Corporate Purpose

11%

ESG-Focused Governance

13%

Abortion

13%

Pro-Fossil Fuel

2%

Equality not DEI

2%

Controversial Cause Support

2%

Geopolitical Rivals/China

2%

State Voting

Pro-ESG

54%

Anti-ESG

1%

Anti-Fossil Fuels

42%

Anti-Pollution/Waste

34%

Animal Rights

27%

DEI

70%

Weapons/Defense

40%

Human Rights

66%

Income Equality

79%

Political Speech/Lobbying Spending

73%

Health Care

37%

Race/Gender targets on Boards

100%

Non-Pecuniary

88%

ESG-Focused Governance

28%

Abortion

45%

Pro-Fossil Fuel

0%

Equality not DEI

0%

Controversial Cause Support

8%

Geopolitical Rivals/China

0%

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