Maryland state treasurer Nancy Kopp has a seat at the table on climate policy at the largest U.S. corporations.
Despite the growing urgency of the climate crisis, the finance industry continues to expand investments in and financing for fossil fuels and deforestation companies. Leading asset managers and state treasurers can play a critical role in pressuring companies to decarbonize with time-bound goals for reducing emissions. Grassroots activists are in a good position to lift up opportunities for their own state treasurer to create systemic change.
Who is the Maryland State Treasurer and where can I find out more about them?
Nancy Kopp is the Maryland State Treasurer. Read about the office of the state treasurer and Ms. Kopp:
Her office number is (410) 260-7160.
Her email is treasurer@treasurer.state.md.us
When is Treasurer Kopp up for re-election?
The Maryland Treasurer is appointed by the state legislature. Kopp was first appointed in 2002. Her current term ends in 2023.
What state body (pension fund board, investment committee, other, none) reviews investment performance?
The Investment Committee of the Board of Trustees of the Maryland State Retirement and Pension System is primarily responsible, as designated in the Charters and Policies of the Board. Kopp serves as Chair of the MSRS and serves on the Investment Committee.
Does the Maryland State Retirement and Pension System have a set of Environmental, Social and Governance (ESG) policies or other policies designed to address investments in environmentally-risky sectors?
Kind of. You can find a comprehensive discussion of ESG-related matters in the ESG Risk Committee Report 2020. However, apart from this committee, there is no particular ESG document.
Does their policy include any mention of risks related to climate change? deforestation? To land rights risk? To scope 3 climate emissions? Indigenous peoples?
See the Risk Management section (pages 107-109) of the Investment Policy Manual 2020.
Does the Maryland State Retirement and Pension System specifically recognize climate risk as an investment factor, either in ESG policies or in public statements?
See the Risk Management section (pages 107-109) of the Investment Policy Manual 2020.
Does the Maryland State Retirement and Pension System have policies oriented towards aligning investments with global norms?
Yes. Maryland is a signatory to the Principles of Responsible Investment and a member of the Ceres Investor Network.
Does the Maryland State Retirement and Pension System conduct negative screening for any sectors, regions or issues, applied to any portfolios?
Yes. From companies doing business with Iran and Sudan.
Does the Maryland State Retirement and Pension System have a proxy voting policy? If so, any public information on recent votes regarding climate or human rights?
See the section 'Corporate Governance & Proxy Voting' (pages 32-66) of the Investment Policy Manual 2020. The proxy voting record can be found here.
Has the Maryland State Retirement and Pension System ever divested from a company, voted against directors, or taken any other significant action due to ESG concerns?
Yes. From companies doing business with Iran and Sudan.
What role do the “big three” asset managers play in Maryland?
BlackRock manages a portion of the assets of the Maryland State Retirement and Pension System’s $76 billion defined benefit pension fund.
Vanguard manages a portion of the state's deferred compensation plan for public employees.
Does the Maryland State Retirement and Pension System allow for public comment in meetings?
Yes. See section 'Public Comment' (page 12) of the Policies of the Board.
When are these meetings and what is the link for their agendas?
Meeting schedule and agendas are here.