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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 utilizes the state’s publicly disclosed proxy voting records for public securities that it directly owns through pension fund portfolios. The second table uses 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. Both of these tables are necessary to reflect an accurate and comprehensive picture of the state’s proxy voting records.

Averages

Pro-ESG

Anti-ESG

State Voting Average

56.14%

State Voting Average

5.56%

State Rank

21st

State Rank

35th

Asset Manager Average

39%

Asset Manager Average

5%

By Asset Manager

AGF Investments America Inc

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

100%

AQR Capital Management, LLC

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

80%

BlackRock

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

37%

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

Blackstone

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

38%

Columbia Capital

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

42%

Fidelity Insitutional Asset Management LLC

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

31%

IMPAX Leaders CalSTRS

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

32%

Invesco Advisors

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

34%

JP Morgan Asset Management

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

36%

Lazard Asset Management, LLC

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

36%

Mondrian Investment Partners

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

36%

PIMCO

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

37%

Principal Capital Investors LL

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

39%

RBC Capital Markets LLC

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

39%

UBS

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

39%

Pzena Investment Management, LLC

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

39%

Sprott Funds

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

39%

Acadian Asset Management

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

39%

Baillie Gifford

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

39%

Berkshire

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

39%

Asset Manager Voting

Board Diversity:

20%

Require Environmental/Social Qualifications:

3%

Establish Environmental/Social Committee:

5%

Link Executive Pay to Social Goals:

12%

Climate Change:

33%

GHG Emissions:

39%

Climate Change Action:

10%

Report on Healthcare/Abortion:

17%

Weapons-Related Proposals:

7%

Social Proposal:

14%

Income Inequality:

8%

Political Activities and Action:

5%

Political Contributions and Lobbying:

35%

Political Lobbying Disclosure:

43%

Racial Equity Audit:

46%

Management Environmental Proposals:

91%

Anti-Social:

3%

Charitable Contributions:

6%

State Voting

Board Diversity:

31.0%

Require Environmental/Social Qualifications:

0.0%

Establish Environmental/Social Committee:

0.0%

Link Executive Pay to Social Goals:

0.0%

Climate Change:

42.4%

GHG Emissions:

82.7%

Report on Healthcare/Abortion:

50.0%

Weapons-Related Proposals:

50.0%

Social Proposal:

54.2%

Income Inequality:

43.3%

Political Activities and Action:

58.4%

Political Contributions and Lobbying:

80.0%

Political Contributions and Lobbying:

85.2%

Racial Equity Audit:

67.9%

Management Environmental Proposals:

83.4%

Anti-Social:

7.1%

Charitable Contributions:

3.9%

**The Retirement Systems of Alabama (RSA) has denied that State Street invests equities or casts proxy votes for the State. RSA has yet to publish its proxy voting records or disclose its investment managers. RSA’s public records list State Street a custodial bank and as a fund manager. No other investment managers are named in RSA public records, which is what is reported on the 1792 Exchange Proxy Database. RSA claims that Glass Lewis conducts its proxy voting. 1792 Exchange encourages RSA to publish these voting records in order that these records might be updated on this page. 1792 Exchange also encourages RSA to retain authority over proxy voting for ESG resolutions and not entrust these duties to Glass Lewis, a firm the Attorney General of Alabama has investigated for promoting ESG priorities at the expense of fiduciary responsibility.

Disclaimer: The information contained in this report, ‘Proxy Voting,’ is intended for educational purposes only and does not constitute financial or investment advice. Click here for the full disclaimer.

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