Section 7451 Of Chapter 19. Retirement System Stock Proxy Voting From California Government Code >> Division 7. >> Title 1. >> Chapter 19.
7451
. Notwithstanding any other provision of the law, every local
agency in this state owning common stock shall, when returning
proxies to a corporation, vote each proxy that is returned to the
corporation. Nothing in this section shall prohibit a local agency in
this state owning common stock from abstaining on a corporate or
shareholder proposal and notifying the corporation in writing of the
local agency's desire to abstain on a corporate or shareholder
proposal.
As used in section "local agency" includes every county, city,
city and county, district, and authority, and each department,
division, bureau, board, commission, agency, instrumentality or
pension or retirement system of any of the foregoing.