Proxy voting is a powerful tool that investors can use to influence corporate governance and operations. It offers shareholders a tangible way to send directors and management a message and drive change. That is why the proxy vote is considered part of the underlying value of a stock. But proxy voting is also an obligation. Accordingly, the New York City Pension Funds maintain proxy voting guidelines to ensure that their proxies are voted in the best long-term interests of plan participants and beneficiaries.