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Committee adopts substitute for SB 183 to limit proxy‑advisor influence on state retirement systems
Summary
The committee adopted a substitute and advanced Senate Bill 183, which requires proxy advisers to document economic analysis and act in the financial interest of retirement plan members when recommending shareholder votes; the measure passed committee with eight yeas, one no and one pass.
The committee adopted a committee substitute to Senate Bill 183 and advanced the measure after testimony from insurance-industry representatives arguing for tighter standards on proxy advisers used by retirement systems.
Chris Nolan, testifying for the American Property Casualty Insurance Association, said the substitute defines terms…
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