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Executive director reports lobbying success; several Texas ESG-related bills tracked, most likely stalled
Summary
Executive Director Robert Ashe briefed trustees on recent staff activity including terminating Lazard, funding shifts to index funds, coordination with lobbyists on Texas legislation concerning ESG and proxy advisors, and upcoming reappointments and conferences.
Executive Director Robert Ashe updated the City of El Paso Employees Retirement Trust on legislative and governance matters at the May 21 meeting, including state bills that could affect public pension funds and recent board-level staffing and administrative items.
Ashe told the board that staff terminated Lazard and moved that allocation to index funds, and that the board’s lobbying firm (referenced as SGT) and the executive committee actively tracked roughly 10 bills during the Texas legislative session. Ashe said an ESG-focused bill by Sen. Hughes that mirrored actions from a prior session (identified in the transcript as Senate Bill 312 and related measures) appeared to have stalled and had not cleared committee by the legislative deadlines. He said a substitute approach targeting proxy advisory firms (referred to in the meeting as Senate Bill 2337) had more traction and remained alive late in the session.
Ashe and trustees praised the board’s lobbyists for close tracking and coordination, including working with other local lobbying partners to coordinate positions and responses. Ashe said some local-state amendments affecting certain state-governed local plans (examples cited included Austin firefighters and Dallas police and fire matters) appear to be moving and will require attention.
Ashe also noted non-legislative items: the board’s recent employee representative elections (Miss Valdez and Mr. Remkus re-elected by employee vote with about 600 votes each, per Ashe), planned reappointments of citizen trustees Mr. Pena and Mr. Kerr by city council on May 28, and an upcoming conference (Techspurs/Texpurs referenced in the transcript) in August at the Civic Center where staff encouraged trustee attendance. He said a strategic planning meeting is being scheduled for late October 2025 to revisit the board’s five-year plan.
Ashe recommended continued coordination with the board’s lobbyists and staff will report back if bills reappear in a special session. Trustees did not take formal votes on the legislative items during the meeting.
