Chicago Public School Teachers' Pension & Retirement Fund issued an RFP in a search for proxy voting advisory firms, the first time the pension fund has sought such services.
The $9.8 billion pension fund is seeking services that include proxy research, analysis and recommendation, as well as assisting the pension fund with the development of its proxy voting policy, all consistent with fiduciary duty to enhance shareholder value, according to the RFP.
Currently, the pension fund's “public markets investment managers are responsible for voting the proxies,” according to the pension fund's investment policy statement.
“Our current board of trustees is taking a more proactive stance in the voting of proxies” by seeking a proxy advisory firm, Carmen A. Heredia-Lopez, chief investment officer, said in an e-mail.
Callan Associates, the pension fund's investment consultant, is assisting in the search.
The RFP is available on the Chicago Teachers pension fund's website. Proposals are due July 23.
The pension fund's board expects to make a preliminary selection Sept. 19 and a decision Sept. 30.