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Sen. Matt Nunn introduces bill to limit proxy-adviser influence on pension voting, requires economic analysis
Summary
Senator Matt Nunn and witnesses described Senate Bill 183, which would amend KRS to define proxy advisers and require economic analysis when proxy advisers recommend votes contrary to a company’s board; sponsors cited market concentration among ISS and Glass Lewis and referenced a 2023 House memorandum on ESG proposals.
Senator Matt Nunn introduced Senate Bill 183 to the Pension Oversight Board, saying the measure would amend several sections of Kentucky Revised Statutes to define "shareholder‑sponsored proposal" and "economic analysis," and to require proxy advisers voting on behalf of a retirement system to act solely in the interest of the system's members and beneficiaries.
"It defines a shareholder sponsored proposal and an economic analysis, and it establishes that when a shareholder sponsor proposal is presented for a vote by a company shareholders, a proxy adviser voting on behalf of the retirement system must act solely in the interest of retirement system's members and beneficiaries," Nunn told the committee.
Nunn and witness Chris Nolan of the American Property Casualty…
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