Maryland State Retirement Agency

This Charter outlines the comprehensive duties and responsibilities of the Executive Director for the Maryland State Retirement and Pension System. Key areas of responsibility include providing executive leadership, policy analysis, supporting board governance and operations, overseeing investment operations, ensuring accurate benefits administration, managing agency operations, adhering to financial and accounting practices, managing human resources, and facilitating communications. The document also details the Executive Director's role in appointments, monitoring, and reporting to ensure the System's mission, goals, and objectives are met with efficiency and effectiveness.

The board meeting agenda focused on corporate governance and financial oversight. Key discussions included the acceptance of financial statements and statutory reports, the approval of discharge for management and the board, and the allocation of income and dividends. Additionally, shareholders voted on the re-election of directors, the ratification of auditors for both financial and sustainability reporting, share capital reduction through cancellation, and various proposals regarding ESG criteria, human rights due diligence, and the discontinuation of arms transportation.

The meeting included a review of the internal audit charter, internal quality assurance results, and the status of the audit plan. Key discussions involved an open issues log, management's remediation plan for open issues, and a review of completed audits, including the teachers' appropriation and a cybersecurity report. The committee discussed the Three Lines model and addressed cybersecurity matters, including network security infrastructure, in a closed session. Finally, the committee approved a revised fiscal year 2026 audit plan.

The meeting featured a presentation on the state of climate science and its implications for investment strategies. The panel discussed the progress and workstreams of various working groups, specifically focusing on private equity and real estate sectors. Additionally, the panel reviewed a foundational framework designed to link investment objectives, fiduciary duties, and actionable portfolio implementation, followed by a general panel-led discussion.

The Committee discussed and approved the Iran and Sudan Restricted List and the Russia Restricted List. A significant portion of the meeting was dedicated to reviewing and approving updates to the proxy voting guidelines, covering ten key topics including dual-class stock voting rights, say-on-pay proposals, executive and director compensation, climate change proposals, diversity initiatives, and political lobbying. Additionally, the Committee moved into a closed session to receive legal advice and updates concerning securities litigation.