As a shareholder, the SBI actively participates in annual and special meetings through direct attendance or by casting its votes by proxy. This process is a core component of the SBI’s stewardship approach, allowing the Board to shape corporate policies and practices that impact long-term value.
Established in 1982, the Proxy Committee oversees the SBI’s voting responsibilities. The Committee is composed of representatives designated by each member of the Board and is re-authorized every two years.
- Jake Smith - Governor’s designee
- Ramona Advani - State Auditor’s designee
- Lauren Bethke - Secretary of State’s designee
- Dana Mitchell - Attorney General’s designee
Except for the shares held by the international managers, the SBI does not delegate the duty to its external investment managers. Rather, the SBI actively votes all shares in accordance with the Proxy Voting Guidelines approved by the Board and reviewed its Proxy Committee.
Each proposal is evaluated based on its material relevance to the long-term financial interests of the portfolio. Voting is governed by the Proxy Voting Guidelines (approved by the Board) and Precedents established by the Committee. These guidelines cover a range of governance, environmental, and social issues.
The SBI exercises independent authority over all proxy voting decisions. While the SBI may utilize external research and data, it retains sole discretion over all voting outcomes. This independence ensures that no third party exerts control over SBI decisions and underscores our commitment to managing assets for the exclusive benefit of plan participants and beneficiaries.
In the 2024-2025 season, SBI staff and the Proxy Committee fulfilled voting responsibilities at more than 2,000 meetings. Along with other institutional investors, the SBI seeks to support practices and policies that are material to the long-term sustainability and performance of the portfolio.