Pension fund supported more than 40% of social-related proposals amid anti-ESG resolution

Florida State Board of Administration, Tallahassee, voted in favor of more than 40% of social-related shareholder resolutions and nearly 30% of environmental-related shareholder resolutions during the fiscal year ended June 30, according to a report included with materials for the board’s investment advisory council on Tuesday.

The board, which oversees $228 billion in assets including the $180 billion Florida Retirement System, supported 50.1% of shareholder-proposed ballot resolutions at Russell 3000 index companies during the fiscal year ended June 30, according to the report from Michael McCauley, senior officer – investment programs and governance.

Among the resolutions the board classified as addressing governance issues, which includes board structure, anti-takeover devices and shareowner rights, the SBA supported 57.4% of those resolutions; among resolutions in the social category, which includes human capital, lobbying activity and sanctions, the board supported 42.3%; and among environmental issues, which includes corporate water use and emissions goal-setting, the board supported 29.4%.

Data on the specific ESG-related resolutions that SBA supported was not immediately available.

The report notes that the board’s support for ESG-related shareholder resolutions declined 46.5% for environmental resolutions, 43% for social resolutions, and 15.4% for governance related resolutions from the previous year. The report did not include how many of these proposals the SBA voted on each year.

Read More @Pionline