WRITTEN BY
Staff Writer
Who Oversees Montana’s Pension Investments
• The Montana Board of Investments (BOI) manages the assets for MPERA and other state retirement systems.
• BOI uses external asset managers like BlackRock, Dimensional, Franklin Templeton, and Invesco to handle stock portfolios.
ESG Proxy Voting by Asset Managers
According to a 2024 report from the 1792 Exchange:
• BlackRock voted “for” pro-ESG proposals just 7% of the time.
• Dimensional: 5%
• Franklin Templeton: 51%
• Invesco: (data incomplete but included in the analysis)
This means that while some asset managers are largely avoiding ESG-related shareholder resolutions, others—like Franklin Templeton— are actively supporting them.
Lack of Transparency
• Montana does not publicly disclose its proxy voting records for directly owned securities.
• The 1792 Exchange had to obtain this data via a Freedom of Information Act (FOIA) request.
• The report urges Montana to publish these records so pensioners can see how their money is being used in ESG-related votes.
Legislative Climate
• Montana has not passed sweeping anti-ESG legislation like Texas or Florida.
• However, a 2024 mid-year review shows a decline in ESG-related bills nationwide.
So, is Montana “doing the same” as Idaho? In some ways, yes:
• It uses external managers who vote on ESG issues.
• It lacks transparency in how those votes are cast. But unlike Idaho, Montana hasn’t made a public push to reform or restrict ESG involvement—yet.
Read the Article Here: Transparency in Proxy Voting