|
2012 -- H 7546 | |
|
======= | |
|
LC01334 | |
|
======= | |
|
STATE OF RHODE ISLAND | |
|
| |
|
IN GENERAL ASSEMBLY | |
|
| |
|
JANUARY SESSION, A.D. 2012 | |
|
| |
|
____________ | |
|
| |
|
A N A C T | |
|
RELATING TO PUBLIC FINANCE - STATE INVESTMENT COMMISSION | |
|
|
|
|
|
|
|
Introduced By: Representatives Blazejewski, Keable, Handy, Ferri, and Slater | |
|
Date Introduced: February 15, 2012 | |
|
Referred To: House Finance | |
|
It is enacted by the General Assembly as follows: | |
|
1-1 |
SECTION 1. Chapter 35-10 of the General Laws entitled "State Investment Commission" |
|
1-2 |
is hereby amended by adding thereto the following section: |
|
1-3 |
35-10-15. Shareholder Proxy Voting Policy Statement and Guidelines. – The state |
|
1-4 |
investment commission shall develop a shareholder proxy voting policy statement and guidelines |
|
1-5 |
(“proxy voting guidelines”) that the state’s investment managers shall consider and rely upon in |
|
1-6 |
making proxy voting decisions solely in the best interests of plan participants and beneficiaries |
|
1-7 |
and Rhode Island citizens. The proxy voting guidelines shall be designed to help ensure that |
|
1-8 |
Rhode Island fulfills its statutory and common law obligations governing proxy voting, with the |
|
1-9 |
intent of maximizing the long-term economic benefits by voting in support of sound corporate |
|
1-10 |
governance and responsible corporate practices leading to an increased shareholder value. The |
|
1-11 |
proxy voting guidelines shall also be aimed at minimizing undue risk by engaging in proxy voting |
|
1-12 |
designed to encourage companies in the portfolio to adopt best practices in corporate governance, |
|
1-13 |
environmental policy, labor policy, job security and wage levels, local economic development |
|
1-14 |
and stability, and workplace safety and health issues in their operations and supply chains so as to |
|
1-15 |
reduce exposure to legal, regulatory, and headline risk. |
|
1-16 |
SECTION 2. This act shall take effect upon passage. |
|
| |
|
======= | |
|
LC01334 | |
|
======= | |
|
EXPLANATION | |
|
BY THE LEGISLATIVE COUNCIL | |
|
OF | |
|
A N A C T | |
|
RELATING TO PUBLIC FINANCE - STATE INVESTMENT COMMISSION | |
|
*** | |
|
2-1 |
This act would require the state investment commission to develop proxy voting |
|
2-2 |
guidelines to promote the best interest of plan participants, beneficiaries and Rhode Island |
|
2-3 |
citizens. |
|
2-4 |
This act would take effect upon passage. |
|
| |
|
======= | |
|
LC01334 | |
|
======= |