The SBI participated in various ESG engagement initiatives with companies in which the SBI holds an interest in its investment portfolios. For instance, the SBI continues to engage with Xcel Energy on climate issues through the Climate Action 100+, and the SBI contributed to engagement on board diversity with ANI Pharmaceuticals, Inc. through the Midwest Investors Diversity Initiatives. SBI staff continue to develop additional engagement efforts with companies.

In addition to engaging with companies, the SBI engages with regulatory authorities on ESG issues impacting institutional investors. In 2020, the SBI submitted a comment to the Securities Exchange Commission opposing new rules regulating SBI’s proxy service providers. In addition, the SBI submitted a comment to the U.S. Department of Labor in opposition to amended rules regarding ESG considerations in ERISA regulated investment portfolios.