Especially around this time of the year, portfolio managers sometimes wonder about the impact of all this proxy stuff. Reading proxy materials, meeting with companies and investors, paying for and reviewing ISS and Glass Lewis reports, researching and tracking votes - does it make a difference?

One investor set out to understand this question. The Florida State Board of Administration (SBA) manages $185 billion of pension funds and other state investments. It has long advocated for good corp gov as a leading member of the Council of Institutional Investors. It helped found the Shareholder Rights Project, and supports the Boardroom Accountability Project. 

The result, Valuing the Vote, shows how proxy research and voting can improve investment returns. We worked with SBA on designing the research, compiling the needed data, and executing the analyses.