Maryland

Avg. Company Rating

Avg. Rating Criteria

Corporate Weaponization Risk Levels
Criteria	Risk Level
Cancellations	Medium Risk
Discriminatory Philanthropy	Medium Risk
Employment Protection	High Risk

Corporate Weaponization ⓘ

Corporate Governance and Public Policy Risk Levels
Criteria	Risk Level
Advocacy Bias	Medium Risk
Funding	Medium Risk
Political Actions	Medium Risk

Corporate Governance and Public Policy ⓘ

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State Leadership

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State Pension Fund Summary

Maryland has one main public pension system: the Maryland State Retirement and Pension System (SRPS).

The SRPS board represents most state employees and their respective pension funds consists of 15 members: 3 Ex Officio (State Treasurer, State Comptroller, Secretary of Budget and Management); 5 appointed by the Governor; 7 elected by the active members and retirees of the various represented retirement systems.
- Maryland SRPS discloses its specific proxy voting records on this website.
- According to its 2024 Annual Comprehensive Financial Report, the SPRS’ general 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 SPRS’ proxy voting records for directly owned securities through pension fund portfolios. The 1792 Exchange commends SPRS 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.

Pension Funds Management