SB 2152: Illinois Empowers Treasurer to Oversee Proxy Voting for State Pensions with Focus on ESG Factors

August 4, 2023

Summary

SB 2152 was enacted and became effective in August 2023 and authorizes the Illinois Treasurer to manage proxy voting for state pension systems. It requires the Boards of trustees of the systems to annually publish guidelines for proxy voting and report on how the Board considers sustainability factors (as defined in the Illinois Sustainable Investing Act) in its investments. 

"Sustainability factors" are defined in the Illinois Sustainable Investing Act as "factors that may have a material and relevant financial impact on the safety or performance of an investment and which are complementary to financial factors and financial accounting." The Act further specifies that sustainability factors may include corporate governance and leadership factors, environmental factors that may financially impact investment performance, or social capital factors that impact relationships with stakeholders such as customers or local communities. 

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