Florida State Board of Administration, Tallahassee, rehired Institutional Shareholder Services, Glass Lewis and ProxyGovernance for proxy-voting advice and corporate governance research. ISS also was rehired for proxy-voting execution services.
In addition, the board hired The Corporate Library, GovernanceMetrics International, Audit Integrity and F&C Investments to provide specialized corporate governance research. The board expects TCL, GovernanceMetrics and Audit Integrity, all of which announced their merger earlier this month, to be fully integrated next year.
TCL, Equilar, Conflict Risk Network, IW Financial and Sustainalytics currently provide specialized governance research for the board. Their contracts will expire at the end of the year, according to Michael McCauley, senior officer-investment programs.
The search was the board's first formal bidding process for governance services; no RFP was used previously. No consultant assisted with the search.
The board oversees $147 billion in assets.