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Hawaii

Hawaii has one main public pension system: the Employees’ Retirement System (ERS) of the State of Hawaii.

The ERS board represents all eligible full-time and part-time State and county employees in Hawaii as well as their beneficiaries and consists of 8 members: 1 Ex Officio (State Director of Finance); 3 appointed by the Governor (at least one officer of a bank); 4 elected by members (2 general employees, a teacher, and retiree).
According to its 2022 Annual Comprehensive Financial Report, the ERS’s investment consultant is Meketa.

The “By Asset Manager” and “Asset Manager Voting” tables show the proxy voting records of the state’s asset managers who manage the pensions’ stock market portfolio through index, exchange-traded, or mutual funds. Since these are externally managed funds, the asset managers typically retain and exercise proxy voting privileges. This data is used to calculate the state’s pro-ESG and anti-ESG scores to see how the state leverages its externally managed funds in proxy voting.

The “State Voting” table shows ERS’ proxy voting records for directly owned securities through pension fund portfolios. This data was obtained by a Freedom of Information Act (FOIA) request since Hawaii does not publicly disclose this information to its pensioners. The 1792 Exchange encourages Hawaii to publish its proxy voting records instead of keeping its pensioners in the dark about how the state votes on ESG issues with their money.

Both tables are important to show a comprehensive picture of the state’s proxy voting record.

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%

Fidelity Funds

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

14%

Goldman Sachs Funds

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

6%

Guggenheim Funds

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

48%

Invesco Funds

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

34%

Needham Funds

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

0%

Neuberger Berman Funds

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

29%

Prudential Funds

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

38%

UBS Funds

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

48%

Virtus Funds

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

47%

Blackstone Funds

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

84%

RBC Funds

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

37%

William Blair Funds

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

72%

Wasatch Funds

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

19%

Kayne Anderson Funds

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

29%

Asset Manager Voting

Pro-ESG

20.3%

Anti-ESG

1.6%

Anti-Fossil Fuels

20%

Anti-Pollution/Waste

28%

Animal Rights

15%

DEI

22%

Weapons/Defense

10%

Human Rights

28%

Income Equality

33%

Political Speech/Lobbying Spending

27%

Health Care

11%

Race/Gender targets on Boards

38%

Non-Pecuniary

10%

ESG-Focused Governance

12%

Abortion

14%

Pro-Fossil Fuel

1%

Equality not DEI

1%

Controversial Cause Support

2%

Geopolitical Rivals/China

2%

State Voting

Pro-ESG

92%

Anti-ESG

0%

Anti-Fossil Fuels

82%

Anti-Pollution/Waste

73%

Animal Rights

100%

DEI

96%

Weapons/Defense

100%

Human Rights

98%

Income Equality

100%

Political Speech/Lobbying Spending

98%

Health Care

100%

Race/Gender targets on Board

100%

Non-Pecuniary Corporate Purpose

100%

ESG-Focused Governance

100%

Abortion

100%

Pro-Fossil Fuel

0%

Equality not DEI

0%

Controversial Cause Support

0%

Geopolitical Rivals/China

0%

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