(1) With respect to a pension plan, the political subdivision with authority over the pension plan shall comply with this section. The requirements applicable to the pension plans include the following:(1) Consistent with the prudent investor rule pursuant to § 35-14-103, the standard of care pursuant to § 35-14-104, and the exercise of reasonable care in delegation of investment and management functions pursuant to § 35-14-111, investing, reinvesting, managing, and selecting investment options for the assets of a pension plan for financial reasons for the exclusive financial benefit of the beneficiaries of the pension plan while maximizing long-term shareholder value;(2) Exercising, in person or by proxy, all voting rights with respect to direct holdings in securities held by or on behalf of a pension plan for financial reasons for the exclusive benefit of the beneficiaries of the pension plan while maximizing long-term shareholder value;(3) Submitting an annual report no later than September 1 of each year to the finance, ways and means committee of the senate and the standing committee of the house of representatives with jurisdiction over finance, ways and means in a format prescribed by the committees containing, but not limited to, the following, for a pension plan's direct holdings for the annual reporting period from July 1 to June 30:(A) The name of the proxy advisory firm utilized by the pension plan or fiduciary, if any;(B) The proxy advisory firm's recommendations for each proposal if different from the final vote; and(C) An analysis of:(i) The number of proposals, by proposal type, where the proxy advisory firm's recommendation is different than the company management's recommendation; and(ii) The number and percentage of votes, by proposal type, cast by or on behalf of a pension plan in which the pension plan's vote was different from either the proxy advisory firm's recommendation or the company management's recommendation; and(4) Ensuring that a pension plan does not enter into an agreement with a proxy advisory firm with respect to the provision of proxy advisory services unless the proxy advisory firm acknowledges in writing and accepts, under contract, its obligations under this section.
(1) Consistent with the prudent investor rule pursuant to § 35-14-103, the standard of care pursuant to § 35-14-104, and the exercise of reasonable care in delegation of investment and management functions pursuant to § 35-14-111, investing, reinvesting, managing, and selecting investment options for the assets of a pension plan for financial reasons for the exclusive financial benefit of the beneficiaries of the pension plan while maximizing long-term shareholder value;
(2) Exercising, in person or by proxy, all voting rights with respect to direct holdings in securities held by or on behalf of a pension plan for financial reasons for the exclusive benefit of the beneficiaries of the pension plan while maximizing long-term shareholder value;
(3) Submitting an annual report no later than September 1 of each year to the finance, ways and means committee of the senate and the standing committee of the house of representatives with jurisdiction over finance, ways and means in a format prescribed by the committees containing, but not limited to, the following, for a pension plan's direct holdings for the annual reporting period from July 1 to June 30:(A) The name of the proxy advisory firm utilized by the pension plan or fiduciary, if any;(B) The proxy advisory firm's recommendations for each proposal if different from the final vote; and(C) An analysis of:(i) The number of proposals, by proposal type, where the proxy advisory firm's recommendation is different than the company management's recommendation; and(ii) The number and percentage of votes, by proposal type, cast by or on behalf of a pension plan in which the pension plan's vote was different from either the proxy advisory firm's recommendation or the company management's recommendation; and
(A) The name of the proxy advisory firm utilized by the pension plan or fiduciary, if any;
(B) The proxy advisory firm's recommendations for each proposal if different from the final vote; and
(C) An analysis of:(i) The number of proposals, by proposal type, where the proxy advisory firm's recommendation is different than the company management's recommendation; and(ii) The number and percentage of votes, by proposal type, cast by or on behalf of a pension plan in which the pension plan's vote was different from either the proxy advisory firm's recommendation or the company management's recommendation; and
(i) The number of proposals, by proposal type, where the proxy advisory firm's recommendation is different than the company management's recommendation; and
(ii) The number and percentage of votes, by proposal type, cast by or on behalf of a pension plan in which the pension plan's vote was different from either the proxy advisory firm's recommendation or the company management's recommendation; and
(4) Ensuring that a pension plan does not enter into an agreement with a proxy advisory firm with respect to the provision of proxy advisory services unless the proxy advisory firm acknowledges in writing and accepts, under contract, its obligations under this section.