RFP-Corporate Governance Research and Proxy Voting Services

The Maryland State Retirement Agency on behalf of the Board of Trustees is requesting proposals for Corporate Governance Research and Proxy Voting Services under an RFP with proposals due October 4, 2026, and questions due March 20, 2026 at 4:00 p.m. Eastern Time.

The scope encompasses corporate governance research services including company-specific analysis, advisory voting recommendations, and ESG research, paired with proxy voting agent and consulting services covering proxy vote execution, online database access and reporting, and assistance developing and implementing custom proxy voting guidelines. Services must deliver global research coverage encompassing Russell 3000 index constituents and the MSCI All Country World Index. Annual service volume includes approximately 2,130 votable U.S. meetings and 4,120 votable U.S. ballots, as well as approximately 2,830 votable non-U.S. meetings and 5,450 votable non-U.S. ballots. The System manages approximately $77.4 billion in assets.

Minimum qualifications require that offerors have provided similar services during the last five years to at least five public and/or private plan sponsor clients or endowments with aggregate assets under advisement of at least five billion dollars. The offeror, its parent, or an affiliate must be registered as an investment advisor with the SEC under the Investment Advisers Act of 1940, and must submit Forms ADV Parts 1 and 2. Offerors must provide SSAE16, SSAE18, SOC 1, or SOC 2 Type II certifications. All contractor personnel must undergo criminal background checks; the contractor must maintain directors and officers liability insurance of at least one million dollars and errors and omissions/professional liability insurance with a minimum of ten million dollars per claim and annual aggregate.

The RFP encourages Minority Business Enterprise responses and includes an economic benefit evaluation component addressing Maryland-based job creation, subcontracting commitments to Maryland businesses and MBEs, and tax revenue generation. Technical evaluation factors are weighted more heavily than financial factors. The contract term is fixed for five years with options for up to four additional one-year renewal periods at the Agency's sole discretion. The Agency may select one or more firms or determine not to award. Oral presentations are anticipated four to six weeks after the proposal due date. Proposals must be submitted in two sealed volumes: Technical and Financial, with pricing to include all travel and administrative costs in the format specified in Attachment E.