New Interactive Tracker Analyzes Proxy Voting Guidelines of Major U.S. Public Pensions

WASHINGTON, DC - The Sierra Club has published a new interactive tracker analyzing the proxy voting guidelines of major U.S. public pensions. The information, which was previously featured as a once-a-year snapshot as part of the annual "Hidden Risk in State Pensions" report, will now be updated regularly throughout the year as pensions change their guidelines or publish new information.

• Explore the tracker: https://www.sierraclub.org/issues/climate/sustainable-finance/pensions-proxy-voting-guidelines-tracker

"This tracker provides stakeholders with up-to-date evaluations of public pension funds' climate policies and ambitions. While pension staff and boards navigate political headwinds and corporate backsliding on responsible business practices, the Sierra Club maintains clear and sharp analysis. To protect their portfolios, public pensions must advocate for corporate climate action guided by credible and measurable strategies. Disclosure is not enough - any strategy that does not push for real-world emissions reductions and robust protections for nature, workers, and communities falls short," said Allie Lindstrom, strategist with the Sierra Club's Sustainable Finance campaign.

Each fall, pension staff and boards typically work to analyze that year's proxy season, and may recommend updates to their proxy voting guidelines based on outcomes from their engagement during corporate shareholder meetings earlier in the year. So far, in 2025, six public pensions in the tracker have updated their proxy voting guidelines or their investment policies: Colorado Public Employees' Retirement Association (CoPERA), Ohio Public Employees Retirement System (OPERS), Indiana Public Retirement System (INPRS), The Public School Retirement System of Missouri (PSRS), Virginia Retirement System (VRS), and Vermont Pension Investment Commission (VPIC).

The tracker also references where pensions have adopted the latest guidelines of their proxy advisors, such as ISS or Glass Lewis. Since the publication of the latest Hidden Risk reportin February 2025, the Vermont Pension Investment Commission (VPIC)has been the only pension to significantly increase the ambition of its climate-related proxy voting guidelines.

The annual "Hidden Risk in State Pensions" report and the interactive tracker analyze the proxy voting guidelines, proxy voting records, and voting transparency of 32 of the largest and most influential public pension funds in the U.S., which collectively represent over $3.8 trillion in assets under management (AUM). The scope includes state pension funds, county and city pension funds, including pension funds located in states restricting Environmental, Social, and Governance investing through "anti-ESG" legislation and executive actions.

This update includes minor methodological changes, including additional clarity for evaluating the strength of policies on Human and Indigenous Peoples' Rights. Some pensions' scores have been adjusted accordingly.

The next annual "Hidden Risk in State Pensions" report will be published in spring 2026. See the 2025 version hereand the 2024 version here.

About the Sierra Club

The Sierra Club is America's largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit https://www.sierraclub.org.