The State Board of Administration (SBA), the Investment Plan's plan sponsor, acts as a strong advocate on behalf of Investment Plan members to strengthen shareowner rights and
promote leading corporate governance practices at U.S. and international companies. The SBA's corporate governance activities are focused on enhancing share value and ensuring
that public companies are accountable to their shareowners, with independent boards of directors, transparent and accurate financial reporting, ethical business practices, and
policies that protect the value of members' investments.
The SBA has the responsibility to vote proxies on all primary investment funds in the Investment Plan and has a fiduciary responsibility to ensure proxies are voted in the best
interest of fund participants and beneficiaries. For open-end mutual funds and commingled trust funds offered within the Investment Plan's primary funds, the SBA's voting
responsibility is limited to directly voting the fund's proxy, which covers the mutual fund's Board of Trustees and other major fund policies, but does not encompass voting
the underlying stock investments of the fund's portfolio. For all other primary funds offered within the Investment Plan that hold publicly traded equity securities, the SBA
is responsible for all proxy voting decisions.
More information is available as follows: