Project Information

Bid Title

RFP Stewardship and Sustainable Investment Consulting Services 370-500-26-040

Issuing Agency

Illinois State Treasurer

Location

Illinois

Published Date

Apr 13, 2026

Closing Date

May 6, 2026

Government Level

State & Local

Status

Closed

Original Source

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Bid Documents

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Project Description

RFP Stewardship and Sustainable Investment Consulting Services 370-500-26-040

RFP Stewardship and Sustainable Investment Consulting Services 370-500-26-040

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Request for Proposals

Stewardship and Sustainable

Investment Consulting

Services

370-500-26-040

April 13, 2026

Proposals due before 1:00 p.m. CT on May 6, 2026

Mr. Christopher M. Flynn

Chief Procurement Officer

One East Old State Capitol Plaza

Springfield, IL 62701

Office of the Illinois State Treasurer

Request for Proposals

Stewardship and Sustainable Investment Consulting Services

370-500-26-040

TABLE OF CONTENTS

I. OVERVIEW ......................................................................................................................................3

II. BACKGROUND ...............................................................................................................................3

III. SCOPE OF WORK ............................................................................................................................4

IV. RFP PROCESS AND SCHEDULE...................................................................................................6

V. PROPOSAL .......................................................................................................................................9

VI. EVALUATION PROCESS & CRITERIA ......................................................................................16

VII. CONTRACTUAL TERMS..............................................................................................................19

Appendix A Illinois State Treasurer Certifications, Disclosures Financial Interest and Potential Conflicts

of Interest (Disclosure Form A), and Disclosures Other Contract and Procurement Related

Information (Disclosure Form B)

Appendix B Minimum Mandatory Service Requirements

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I. OVERVIEW

The Office of the Illinois State Treasurer (“Treasurer”) is issuing this Request for Proposals

(“RFP”) for a stewardship and sustainable investment consulting services provider to advise and

assist the Treasurer and associated investment boards in the development, execution, and

administration of stewardship responsibilities. Firms that submit proposals (“Respondent”) shall

submit their Proposals before 1:00 p.m. CT on May 6, 2026.

The Treasurer will select the Respondent with a strong track record providing stewardship and

sustainable investment consulting services to government entities; demonstrated policy

development skills; and expertise in corporate engagement, filing of shareholder proposals, proxy

voting, and applicable sustainability and stewardship advocacy. The winning Respondent

(“Contractor”) shall enter into a contract with the Treasurer (“Agreement”) for an initial term of

four (4) years. Upon expiration of this term, the Treasurer may elect to extend the Agreement for

a period of time agreed upon by the parties, not to exceed a total of ten (10) years, including the

initial four (4) years.

II. BACKGROUND

The Treasurer serves as the Chief Investment Officer and Chief Banking Officer for the State of

Illinois. The Treasurer currently manages approximately $65 billion spread across several

investment portfolios, including, but not limited to, $35 billion in the State Investment Portfolio,

$23 billion in financial product programs (including two Illinois 529 college savings plans

(“Bright Start” and “Bright Directions”), the Achieving a Better Life Experience (“ABLE”)

savings vehicle and the Illinois Secure Choice Savings Program (“Secure Choice”)), and $10

billion in an internally managed local government investment pool (“The Illinois Funds”).

Regarding its underlying investment and fiduciary duties, the Treasurer is responsible for

ensuring the safety and security of public investment pools, while striving for strong performance,

transparency, and preservation of public trust. The Illinois Sustainable Investing Act (30 ILCS

238), which took effect on January 1, 2020, provides that each state and local government entity

holding and managing public funds, including the Illinois Treasurer, “shall prudently integrate

sustainability factors into its investment decision-making, investment analysis, portfolio

construction, risk management, due diligence and investment ownership,” 30 ILCS 238/20(a). To

fulfill these responsibilities, the Treasurer believes an essential part of effective portfolio

management is the integration of sustainability information and fostering and maintaining

attention to good corporate stewardship. The Treasurer sees strong stewardship practices as a

way to add value but also to mitigate risk in investment portfolios. As a large and long-term

investor to funds and corporations around the nation, the Treasurer has a vested interest and civic

responsibility to ensure and pursue good governance, sustainable long-term performance, and

operational accountability.

The Respondent will be expected to work closely with the Treasurer and its contractors to assist

in the execution and administration of its stewardship and sustainable investment responsibilities.

This includes, but is not limited to, collaborating on prudent sustainable investment principles,

policies and standards, conducting proxy voting activities on behalf of the Treasurer, engaging

fund managers and companies to actively promote sustainability best practices, preparing and

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filing shareholder proposals, and working collaboratively with other institutional investors to

build broader support for best sustainable investment and corporate governance practices, among

other key responsibilities.

III. SCOPE OF WORK

The Contractor shall perform the following services (collectively, the “Services”), in accordance with

all applicable laws, rules, regulations, and Treasurer policies:

1. Assist the Treasurer and associated investment boards in developing, composing, and

effectuating a Sustainable Investment Policy Statement that outlines the principles,

objectives, and roles and responsibilities pertinent to the Treasurer’s sustainable

investment and stewardship priorities;

2. Review the Treasurer’s Sustainable Investment Policy Statement on an annual basis in

order to assist the Treasurer in ensuring that the policy reflects best practices in sustainable

investment policy standards;

3. Develop a framework and provide direct support for engagement efforts, working closely

with the Treasurer and associated investment boards to conduct corporate engagements

in order to realize the Treasurer’s sustainable investment and stewardship priorities;

4. Provide direct support to the Treasurer regarding shareholder proposal filings. This

includes working closely with the Treasurer, identifying opportunities for the filing of

shareholder proposals, drafting shareholder proposal texts, assisting with the preparation

of exempt solicitations, and drafting responses to issuer’s “no action” requests with the

Securities and Exchange Commission, pertinent to the Treasurer’s sustainable investment

and corporate governance priorities.

5. Assist the Treasurer in developing, composing, and effectuating a Proxy Voting Policy

Statement that outlines the approach to proxy voting matters, and review the Proxy Voting

Policy Statement on an annual basis;

6. Voting the Treasurer’s proxies, in accordance with the Proxy Voting Policy Statement,

including conducting the necessary research to vote the Treasurer’s proxies in accordance

with the Proxy Voting Policy Statement, as pertinent to the Treasurer’s sustainable

investment and corporate governance priorities, or as otherwise directed by the Treasurer;

7. Prepare detailed and individualized proxy voting rationales on a quarterly and annual

basis and participate in quarterly oversight meetings with the Treasurer. In quarterly

oversight meetings, highlight notable votes over the reporting period, including votes that

are not currently covered within the Treasurer’s Proxy Voting Policy Statement, in order

to identify potential additions to the Proxy Voting Policy Statement;

8. Monitor the investments in the Treasurer’s investment portfolios for stewardship

opportunities, alerting the Treasurer’s staff to financially material sustainability risks and

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opportunities, in alignment with the interests, fiduciary duties and sustainable investment

principles of the Treasurer;

9. Identify and facilitate collaborative opportunities and corporate engagement coalitions

whereby the Treasurer can build partnerships with other institutional investors and

sustainability and stewardship advocates similarly interested in promoting best

sustainability and stewardship practices;

10. Assist the Treasurer in developing, composing, and distributing an Annual Sustainability

Investment Report that communicates the policies, priorities, and achievements of the

Treasurer’s stewardship and sustainable investment activities. The report shall include a

summary of proxy votes, engagements with corporations, collaborative partnerships, as

well as other priority content areas identified by the Treasurer;

11. Provide constant monitoring and timely review and analysis of key events that could

potentially affect the stewardship and sustainable investment priorities of the Treasurer,

including significant market events, mergers and acquisitions, public offerings, changes

in fund senior management, and new and proposed federal and state legislation and

regulation;

12. Assist the Treasurer in participating in federal and state legislative and regulatory

engagements;

13. Assist the Treasurer in researching financially material sustainability and corporate

governance issues and their relevance to the Treasurer’s investment portfolio;

14. Prepare presentations for the Treasurer and associated investment boards relating to

sustainable investment best practices, engagement efforts, policy recommendations,

collaborative opportunities, or other activities deemed relevant by the Treasurer;

15. Meet with representatives from the Treasurer to answer questions regarding policy

development, proxy voting activities, engagements with corporations and fund managers,

and other relevant activities on an as needed basis, but no less than once each calendar

quarter;

16. Be available to discuss any stewardship and sustainable investment issues with the

Treasurer’s staff and the Treasurer’s relevant contractors on an as needed basis;

17. Serve as a general resource to the Treasurer’s staff for information, advice and training

regarding, but not limited to: corporate governance services, sustainable investment

practices, investment and operational policies, and proxy activities;

18. Attend meetings at the discretion of the Treasurer, as needed, to present research, reports

and analyses and to respond to questions;

19. Provide or recommend education sessions for Treasurer staff, as requested; and

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Commodity Codes

• NAICS 541611Administrative Management and General Management Consulting Services
• NAICS 541618Other Management Consulting Services
• NAICS 541690Other Scientific and Technical Consulting Services
• NAICS 541990All Other Professional, Scientific, and Technical Services

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