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North Carolina

North Carolina has six major public pension systems: The Teachers’ and State Employees’ Retirement System (TSERS), the Local Governmental Employees’ Retirement System (LGERS), the Consolidated Judicial Retirement System (CJRS), the Legislative Retirement System (LRS), the Firefighters’ and Rescue Squad Workers’ Pension Fund (FRSWPF), the NC National Guard Pension Fund (NCNGPF). All six of these systems are overseen by the North Carolina Retirement System (NCRS). The Investment Advisory Committee (IAC) advises the State Treasurer on managing the assets of the retirement systems under the NCRS.

The IAC board consists of seven members, all appointed by the State Treasurer.
- The NCRS discloses proxy voting records for directly owned equities on this website.
- The NCRS uses Glass Lewis for its proxy advisory services.
- The NCRS does not disclose its general investment consultant.

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 NCRS’ proxy voting records for directly owned securities through pension fund portfolios. The 1792 Exchange commends the NCRS for publicly disclosing this information online for its pensioners.

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

Note: North Carolina directly owns shares for a relatively small number of companies compared to other states that disclose their voting records on directly owned equities. Its Direct Voting averages are not readily comparable to other states’ Direct Voting averages.

By Asset Manager

BlackRock Funds