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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 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

39%

State Voting Average (Anti-ESG):

7.41%

State Rank

34th

State Rank (Anti-ESG):

11th

Asset Manager Average

43%

Asset Manager Average (Anti-ESG):

7%

By Asset Manager

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%

Blackstone

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

38%

BNY Mellon Funds

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

39%

Brandes Investment Partners

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

39%

Clarkston Partners-Inst

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

39%

Cohen & Steers Capital Management, Inc.

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

39%

Dimensional Fund Advisors, Inc.

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

33%

Goldman Sachs Asset Management

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

33%

Invesco Advisors

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

36%

JP Morgan Asset Management

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

38%

Miller Funds

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

38%

Morgan Stanley

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

39%

Oakmark Intl-Inst

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

38%

PIMCO

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

39%

State Street Funds

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

40%

State Street Global Advisors

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

39%

Symmetry Funds

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

39%

UBS

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

40%

USAA Funds

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

42%

Virtus Funds

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

43%

Neuberger Berman Investment Advisers LLC

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

43%

Macquarie Investment Management Advisers

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

43%

Golub

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

43%

Madison

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

43%

Asset Manager Voting

Board Diversity:

25%

Require Environmental/Social Qualifications:

9%

Establish Environmental/Social Committee:

10%

Link Executive Pay to Social Goals:

17%

Climate Change:

40%

GHG Emissions:

46%

Climate Change Action:

24%

Report on Healthcare/Abortion:

20%

Weapons-Related Proposals:

16%

Social Proposal:

22%

Income Inequality:

11%

Political Activities and Action:

7%

Political Contributions and Lobbying:

35%

Political Lobbying Disclosure:

49%

Racial Equity Audit:

48%

Management Environmental Proposals:

75%

Anti-Social:

4%

Charitable Contributions:

9%

State Voting

Board Diversity:

17.2%

Require Environmental/Social Qualifications:

50.0%

Establish Environmental/Social Committee:

0.0%

Link Executive Pay to Social Goals:

0.0%

Climate Change:

17.9%

GHG Emissions:

14.8%

Report on Healthcare/Abortion:

50.0%

Weapons-Related Proposals:

0.0%

Social Proposal:

31.3%

Income Inequality:

42.8%

Political Activities and Action:

50.0%

Political Contributions and Lobbying:

86.1%

Political Contributions and Lobbying:

75.6%

Racial Equity Audit:

49.1%

Management Environmental Proposals:

100.0%

Anti-Social:

7.4%

Charitable Contributions:

8.0%

**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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