North Dakota
9 Companies Headquartered in North Dakota
Alerus Financial Corporation, Border States, Everus Construction Group, Knife River, MDU Resources, NI Holdings, Inc., Scheels, Swanson Health Products, Titan Machinery Inc.
North Dakota Average CBR Summary
Avg. Company Rating
Avg. Rating Criteria
| Criteria | Risk Level |
|---|---|
| Cancellations | Lower Risk |
| Discriminatory Philanthropy | Lower Risk |
| Employment Protection | High Risk |
Corporate Weaponization
| Criteria | Risk Level |
|---|---|
| Advocacy Bias | Medium Risk |
| Funding | Lower Risk |
| Political Actions | Lower Risk |
Corporate Governance and Public Policy
State Leadership
State Pension Fund Summary
North Dakota has two main public pension systems: the North Dakota Public Employees Retirement System (NDPERS) and the Teachers’ Fund for Retirement (TFFR). The North Dakota Retirement and Investment Office (NDRIO) works with the North Dakota State Investment Board (SIB) to oversee these retirement systems.
- The SIB board consists of 11 members: 5 Ex Officio (Lt. Governor, State Treasurer, State Insurance Commissioner, Executive Director of Workforce Safety & Insurance, Land Commissioner); 3 representatives of PERS; 3 representatives of TFFR.
- According to its 2024 Annual Comprehensive Financial Report, the NDRIO’s general investment consultant is Callan.
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 NDPERS proxy voting records for directly owned securities through pension fund portfolios. This data was obtained by a Freedom of Information Act (FOIA) request since North Dakota does not publicly disclose this information to its pensioners. The 1792 Exchange encourages North Dakota to publish its proxy voting records instead of keeping its pensioners in the dark about how the state votes on ESG issues with their money.
Both tables are important to show a comprehensive picture of the state’s proxy voting record.