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Texas

Texas has two main public pension funds:

The TRS board represents public school teachers and consists of 9 members all appointed by the governor: 3 at the Governor’s discretion, 2 from a list prepared by the State Board of Education, 2 from the 3 public school district member candidates who have been nominated by employees of public school districts, 1 from the 3 retired member candidates who are nominated by retired TRS members, and 1 from the three at-large candidates who have been nominated for the position).
- TRS discloses its proxy voting records on this website.

The ERS board represents other state and local government employees and consists of 6 members: 1 appointed by the Governor; 1 appointed by the Speaker of the Texas House of Representatives; 1 appointed by the Chief Justice of the Texas Supreme Court and confirmed by the Texas Senate; 3 elected by ERS members and retirees.
- ERS discloses its proxy voting records here.

The first table shows the aggregated proxy voting records of the state’s asset managers, who manage the pension’s 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%

Dimensional Investment Funds

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

5%

Goldman Sachs Funds

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

6%

Invesco Funds

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

34%

Neuberger Berman Funds

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

29%

Northern Funds

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

75%

PIMCO Funds

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

85%

State Street Funds

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

18%

State Street SSGA

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

19%

Symmetry Funds

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

3%

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%

Brandes Funds

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

35%

Golub Funds

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

89%

Cohen & Steers Funds

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

14%

Clarkston Funds

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

32%

Asset Manager Voting

Pro-ESG

23.5%

Anti-ESG

1.6%

Anti-Fossil Fuels

23%

Anti-Pollution

29%

Animal Rights

14%

DEI

23%

Weapons/Defense

16%

Human Rights

29%

Income Equality

30%

Political Speech/Lobbying Spending

27%

Health Care

16%

Race/Gender targets on Boards

37%

Non-Pecuniary

12%

ESG-Focused Governance

15%

Abortion

16%

Pro-Fossil Fuel

2%

Equality not DEI

1%

Controversial Cause Support

2%

Geopolitical Rivals/China

3%

State Voting

Pro-ESG

17%

Anti-ESG

2%

Anti-Fossil Fuel

12%

Anti-Pollution/Waste

19%

Animal Rights

11%

DEI

17%

Weapons/Defense

0%

Human Rights

15%

Income Equality

21%

Political Speech/Lobbying Spending

39%

Health Care

14%

Race/Gender targets on Boards

67%

Non-Pecuniary Corporate Purpose

0%

ESG-Focused Governance

0%

Abortion

0%

Pro-Fossil Fuel

9%

Equality not DEI

0%

Controversial Cause Support

0%

Geopolitical Rivals/China

0%

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