(a) Notwithstanding another law or policy to the contrary, the state treasurer has the sole authority to exercise, in person or by proxy, all voting rights with respect to securities held by a program and to give general or special proxies or powers of attorney with or without power of substitution.

Terms Used In Tennessee Code 9-4-1403

  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Program: means any of the following which are established by law and for which the state treasurer has, or has been delegated, investment authority, oversight, and responsibility:
    (A) A trust fund. See Tennessee Code 9-4-1401
  • Proxy voting: The practice of allowing a legislator to cast a vote in committee for an absent legislator.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) The authority conferred by subsection (a) must be exercised for financial reasons, impartially and solely in the interests of the beneficiaries of the program as determined from the purposes, terms, distribution requirements, and other circumstances of the program, and the terms of the respective program’s investment and proxy voting policies or guidelines.
(c) The state treasurer may delegate the authority conferred by subsection (a), in whole or in part, to the department of treasury staff, which authority includes, but is not limited to, conducting research, providing due diligence, and casting votes.
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