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Florida State Board Updates Proxy Vote Guidelines

Melissa Klein Aguilar | March 16, 2009

The Florida State Board of Administration, the state's pension fund that manages assets totaling over $120 billion, has overhauled its corporate governance principles and proxy voting guidelines for the 2009 proxy season.

Among other things, the FSBA incorporated extensive empirical evidence to base voting decisions on, using numerous academic and industry research citations; expanded the discussion and narrative for several key governance topics, such as say-on-pay, accounting/auditing practices, risk management, and proxy contest reimbursement; expanded the environmental and social policy sections, adding several new guidelines covering issues such as climate change/emissions reporting, internet privacy, and labor/human rights reporting.

During the 2008 fiscal year, the FSBA executed votes on 3,534 public company proxies covering 30,373 individual voting items. The FSBA discloses all of its proxy voting decisions roughly seven to 10 calendar days prior to the date of the shareowner meeting.