PRIOR PRINTER'S NO. 660 PRINTER'S NO. 1259
No. 558 Session of 2003
INTRODUCED BY LEWIS, HUTCHINSON, BLAUM, BOYES, BROWNE, GANNON,
HANNA, HARPER, HASAY, JAMES, MANDERINO, NICKOL, PALLONE,
STETLER, TURZAI AND WALKO, MARCH 3, 2003
AS REPORTED FROM COMMITTEE ON STATE GOVERNMENT, HOUSE OF
REPRESENTATIVES, AS AMENDED, APRIL 7, 2003
AN ACT
1 Amending Titles 24 (Education) and 71 (State Government) of the
2 Pennsylvania Consolidated Statutes, further providing for
3 management of fund and accounts.
4 The General Assembly of the Commonwealth of Pennsylvania
5 hereby enacts as follows:
6 Section 1. Section 8521 of Title 24 of the Pennsylvania
7 Consolidated Statutes is amended by adding a subsection to read:
8 § 8521. Management of fund and accounts.
9 * * *
10 (i.1) Shareholder proxies.--
11 (1) The board shall develop ADOPT and maintain a written <--
12 policy to be followed in determining whether to cast a vote
13 for or against or register an abstention for every
14 shareholder proxy to which it is entitled to vote by virtue
15 of its ownership of domestic and international stocks. Such
16 written policy shall require the board to consider the
17 factors affecting the value of its investment and shall
1 require that a proxy be voted, OR AN ABSTENTION REGISTERED, <--
2 in the manner that best serves the economic interests of the
3 fund's beneficiaries, as determined by the board. On or
4 before March 1 of each year, the board shall report PROVIDE <--
5 THE WRITTEN POLICY to the Senate and the House of
6 Representatives on the policy required under this subsection <--
7 and REPORT any changes to such policy in FROM the prior <--
8 calendar year.
9 (2) The board shall cast a vote OR REGISTER AN <--
10 ABSTENTION in accordance with the written policy required
11 under paragraph (1) for every shareholder proxy which it is
12 entitled to vote by virtue of its ownership of domestic and
13 international stocks. The board shall provide to a member,
14 upon specific request, the action taken with respect to a
15 shareholder proxy it is entitled to vote AFTER THE OFFICIAL <--
16 VOTE HAS BEEN RECORDED.
17 * * *
18 Section 2. Section 5931 of Title 71 is amended by adding a
19 subsection to read:
20 § 5931. Management of fund and accounts.
21 * * *
22 (i.1) Shareholder proxies.--
23 (1) The board shall develop ADOPT and maintain a written <--
24 policy to be followed in determining whether to cast a vote
25 for or against or register an abstention for every
26 shareholder proxy to which it is entitled to vote by virtue
27 of its ownership of domestic and international stocks. Such
28 written policy shall require the board to consider the
29 factors affecting the value of its investment and shall
30 require that a proxy be voted, OR AN ABSTENTION REGISTERED, <--
20030H0558B1259 - 2 -
1 in the manner that best serves the economic interests of the
2 fund's beneficiaries, as determined by the board. On or
3 before March 1 of each year, the board shall report PROVIDE <--
4 THE WRITTEN POLICY to the Senate and the House of
5 Representatives on the policy required under this subsection <--
6 and REPORT any changes to such policy in FROM the prior <--
7 calendar year.
8 (2) The board shall cast a vote OR REGISTER AN <--
9 ABSTENTION in accordance with the written policy required
10 under paragraph (1) for every shareholder proxy which it is
11 entitled to vote by virtue of its ownership of domestic and
12 international stocks. The board shall provide to a member,
13 upon specific request, the action taken with respect to a
14 shareholder proxy it is entitled to vote AFTER THE OFFICIAL <--
15 VOTE HAS BEEN RECORDED.
16 * * *
17 Section 3. This act shall take effect in 60 days.
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