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Committee sends pension proxy-adviser restrictions to the House floor
Summary
Senate Bill 183, introduced by Senator Matt Nunn, would constrain proxy advisers working for state retirement systems to act solely in the financial interests of current and future retirees; the House committee reported the measure favorably after sponsor remarks and limited questions.
State Senator Matt Nunn presented Senate Bill 183 to the House Standing Committee on Banking and Insurance, saying the bill would require proxy advisers acting on behalf of Kentucky state retirement systems to prioritize the financial interests of current and future retirees and avoid recommendations driven by social or political agendas.
Nunn told the committee that many shareholder proposals pursued by outside sponsors address social or political objectives and that proxy advisers sometimes…
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