Florida State Board of Administration, Tallahassee, will use Institutional Shareholder Services' Corporate Governance Quotient in its due diligence process, including the board's proxy voting, for its $49 billion in domestic equities, said Michael P. McCauley, the $98.9 billion system's director of investment services and communications. The board is also considering using Governance Metrics International and the Corporate Library for similar services. It could make a decision by year end, Mr. McCauley said, although he noted there is no timetable. "It's possible we could have more than one" such service, he said.
The board already uses ISS and Glass Lewis for corporate governance research, but Mr. McCauley said the ISS CGQ provides more real-time information and quantifies corporate governance.
The board retains all proxy-voting authority for its domestic equities, he noted.