Chicago Public School Teachers' Pension & Retirement Fund is searching for a proxy voting service provider.
The $11.5 billion pension fund issued an RFP due to its board's recent resolution that requires more direct engagement with fossil fuel companies, spokeswoman Michelle Holleman said in an email.
The pension fund does not currently use a proxy-voting service provider, Ms. Holleman said.
The board at its Oct. 20 meeting approved a new resolution seeking to engage with fossil fuel companies to encourage them toward paths of renewable energy, as well as committing to divesting from fossil fuel companies by Dec. 31, 2027.
As of June 30, the pension fund held $383 million (or 4.5% of its total assets as of that date) in coal, oil and gas-related publicly traded debt and equity investments, according to a memo included with Oct. 20 board meeting materials. CIO Fernando Vinzons said in an Oct. 21 email that the December 2027 divestment date is subject to availability, and that the board's resolution was "all in compliance with our mission to provide, protect, and enhance the present and future economic well-being of members, pensioners, and beneficiaries."
The RFP is available on the pension fund's website. Proposals are due at 5 p.m. CST on Dec. 29. The pension fund hopes to make a selection in the first half of 2023, Ms. Holleman said.