Minnesota
78 Companies Headquartered in Minnesota
3M, Agiliti, Inc., Allete, Inc., Allianz, American Crystal Sugar Company, Ameriprise Financial, Andersen Corporation, API Group Corporation, Arcserve, Arctic Wolf
Minnesota Average CBR Summary
Avg. Company Rating
Avg. Rating Criteria
| Criteria | Risk Level |
|---|---|
| Cancellations | Medium Risk |
| Discriminatory Philanthropy | Medium Risk |
| Employment Protection | High Risk |
Corporate Weaponization
| Criteria | Risk Level |
|---|---|
| Advocacy Bias | Medium Risk |
| Funding | Medium Risk |
| Political Actions | Medium Risk |
Corporate Governance and Public Policy
State Leadership
State Pension Fund Summary
Minnesota has three main public pension systems: the Minnesota State Retirement System (MSRS), the Teachers Retirement Association (TRA), and the Public Employees Retirement Association (PERA). The Minnesota State Board of Investment (SBI) manages the assets of these systems.
- The SBI board consists of 4 Ex Officio members (Governor, State Auditor, Attorney General, and Secretary of State).
- The SBI discloses its proxy voting for directly held equities on this website.
- According to its 2024 Annual Report, the SBI’s general investment consultants are Aon Investments and Meketa Investment Group.
- The SBI proxy voting guidelines can be read here.
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 SBI’s proxy voting records for directly owned securities through pension fund portfolios. The 1792 Exchange commends the SBI 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.