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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20. Prepare presentations to Treasurer staff on various general informational topics, as
needed.
IV. RFP PROCESS AND SCHEDULE
This Section outlines the process and schedule associated with this RFP.
A. RFP Schedule
The following is the schedule for this RFP:
Date Event
April 13, 2026 RFP published on the Treasurer's website.
Notice of intent to participate in the Optional Respondents'
April 20, 2026 Teleconference due by 9:00 a.m. CT.
April 21, 2026 Optional Bidder's Teleconference at 11:30 a.m. CT.
April 23, 2026 All Respondent questions due by 12:00 p.m. CT.
April 29, 2026 Responses to all questions posted on the Treasurer's website.
Proposals due before 1:00 p.m. CT. Opening of Proposals at
May 6, 2026 2:00 p.m. CT.
Week of May 25, 2026 Interviews, if any, with final candidates.
Week of June 1, 2026 If applicable, best and final offer due.
Week of June 8, 2026 Notification of award and begin negotiation of Agreement.
These dates are subject to change at the Treasurer's discretion.
B. Contact Information
The Treasurer's Chief Procurement Officer ("CPO") is the sole point of contact concerning this
RFP.
Respondents should submit questions about the intent or content of this RFP and request
clarification of any and all procedures used for this procurement prior to the submission of a
Proposal. Respondents must submit their questions in writing by e-mail to the CPO by 12:00 p.m.
CT on April 23, 2026.
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Christopher Flynn
Chief Procurement Officer
Illinois State Treasurer's Office
1 East Old State Capitol Plaza
Springfield, IL 62701
cflynn@illinoistreasurer.gov
C. Optional Bidder's Conference
Each Respondent interested in attending the Bidder's Teleconference must e-mail notice of intent
to attend the Bidder's Teleconference to Christopher Flynn at cflynn@illinoistreasurer.gov prior
to 9:00 a.m. CT on April 20, 2026. Attendance at the Bidder's Teleconference is optional. The
Bidder's Teleconference shall be on April 21, 2026, at 11:30 a.m. CT.
D. Proposal Submittal
1. Packet submission in hard copy form
Proposals submitted in hard copy form must be submitted in a sealed
envelope or package with "Stewardship and Sustainable Investment
Consulting Services Proposal 370-500-26-040 for the Office of the Illinois
State Treasurer" shown in the front of the envelope or package, along with
Respondent's name and address.
If confidentiality of any information is asserted, please include an electronic
Redacted Copy in accordance with Section IV.E.10 of this RFP.
Packet must be mailed to:
Mr. Christopher M. Flynn
Chief Procurement Officer
Office of the Illinois State Treasurer
One East Old State Capitol Plaza
Springfield, IL 62701
Proposals will be opened publicly at 2:00 p.m. CT on May 6, 2026, at the
mailing address stated immediately above.
2. Packet submission via electronic form
When submitting a Proposal electronically, please e-mail the following to
InvestmentConsultingRFP@illinoistreasurer.gov:
a.name of contact person
b.business name and business address
c.e-mail address and telephone number
d.a complete list of submitted files
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3. Use of electronic version of this RFP
This RFP is electronically available. If Respondent electronically accepts the
RFP, s/he acknowledges and accepts full responsibility to ensure that no
changes are made to the RFP. Should a conflict arise between a version of
the RFP in Respondent's possession and the Treasurer's version, the
Treasurer's version shall prevail.
E. RFP Process
1. Questions about this RFP
Respondents should submit questions about the intent or content of this RFP and request
clarification of any and all procedures used for this procurement prior to the submission
of a Proposal. Respondents must prepare their questions in writing and send them by e-
mail to the CPO.
2. Internet/E-mail Communications
The Treasurer may also communicate with Respondents via e-mail. Each Respondent
should provide an e-mail address with its Proposal for ease of communication throughout
this RFP process.
3. Verbal Communications
Any verbal communication from the Treasurer's employees or its contractors concerning
this RFP is not binding on the Treasurer, and shall in no way alter a specification, term
or condition of this RFP.
4. Amendment
If it is necessary to amend this RFP, the Treasurer will post amendments on the
Treasurer's website.
5. Respondent's Costs
The cost of developing a response to this RFP is each Respondent's responsibility and
may not be charged to the Treasurer.
6. Withdrawal of Proposal
Respondent may withdraw its Proposal at any time prior to the deadline for receipt of
Proposals. Respondent must submit a written withdrawal request, addressed to the CPO
and signed by Respondent's duly authorized representative.
7. Modification of Proposal
Respondent may submit an amended Proposal before the deadline for receipt of Proposal.
Such amended Proposal must be a complete replacement for the previously submitted
Proposal and must be clearly identified as such in the transmittal letter to the CPO.
8. Proposal is an Offer
A Proposal submitted response to this RFP is a binding offer valid for 180 days after
the due date for Proposals or the due date for the receipt of a best and final offer,
whichever falls later.
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9. Response to RFP is State Property
On the response due date all responses and related material submitted in response to this
RFP become the property of the State of Illinois.
10. Proposal is Part of a Public Procurement File
All Proposals received by the Treasurer will be open to the public, though Respondent
may request that the Treasurer treat certain information as confidential in accordance
with 44 Ill. Admin. Code 1400.2505. If Respondent requests confidential treatment of
any information it considers to be exempt from public disclosure under FOIA or other
applicable laws and rules, Respondent should submit a Redacted Copy, which copy shall
be clearly identified as the "Redacted Copy." In a separate attachment to the Redacted
Copy, Respondent shall supply a listing of the provisions of the Proposal, identified by
section number, for which it seeks confidential treatment, identify the basis of each
claimed exemption and show how that basis applies to the request for exemption in
accordance with 44 Ill. Admin. Code 1400.2505(l). The Redacted Copy must retain as
much of the Proposal as possible.
A request for confidential treatment will not supersede the Treasurer's legal obligations
under FOIA. The Treasurer will not honor requests to keep entire Proposals confidential,
and will in any event disclose the successful Respondent's name, the substance of the
Response, and the price. In responding to a request under FOIA, the Treasurer reserves
the right to rely on Respondent's decision whether to submit a Redacted Copy with its
Proposal, and the Treasurer is under no obligation to notify vendor prior to providing a
complete and unredacted Proposal, with any attachments, if Respondent does not elect to
provide a Redacted Copy with its Proposal as described in this Section.
11. Encouragement Regarding Hiring
Prospective Contractors are encouraged to hire qualified veterans as well as qualified
Illinois minorities, women, persons with disabilities and residents discharged from any
Illinois adult correctional center.
12. CPO May Cancel the RFP
If the CPO determines that it is in the Treasurer's best interest, he reserves the right to do
any of the following: a) cancel this RFP; b) modify this RFP in writing as needed; or c)
reject any or all Proposals received in response to this RFP.
13. Additional Information
The Treasurer reserves the right to request additional information and to meet with
representatives of Respondent to discuss their Proposals.
V. PROPOSAL
This Section provides the required elements for Respondent's Proposal.
A. Proposal Format
All Proposals must be submitted within the prescribed format to facilitate objective review.
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Any Proposal that materially deviates from this format will be rejected without further
consideration of its content. Proposals that contain false or misleading statements or that
provide references that do not support an attribute or condition claimed by Respondent may also
be rejected.
Narratives should provide a concise description of capabilities to satisfy the requirements of
this RFP. Emphasis should be on clarity, brevity and completeness of response. Respondent's
Proposal shall contain the following:
1. Cover Letter - The Proposal must be accompanied by a transmittal letter that
designates the name, physical address, e-mail address, and the telephone number of the
person or persons available for contact concerning the response and who is authorized to
make representations on behalf of Respondent's organization.
2. Table of Contents - Include a listing of the main chapters and paragraph headings
contained in the Proposal, including page numbers.
3. Introduction - Include any introductory remarks, not to exceed three (3) pages, deemed
appropriate. Briefly discuss such topics as Respondent's background, management,
facilities, staffing, related experience and financial stability.
4. Scope of Work - Provide a narrative, not to exceed five (5) pages, describing
Respondent's proposed general conceptual approach to the delivery of the Services
and any other information Respondent believes is relevant.
5. Answers to Questions - Respondent must respond to all of the questions. Respondent's
answers must include the headings (e.g. "Background and Experience") and be numbered
in the order provided in Section V.B of this Proposal.
6. Service Team - Provide an organization chart, resumes, and brief biographies for the
proposed service team, including analytical investment and research staff and support
staff. Please identify the primary contact person and describe the role of each key person.
7. Subcontractors - Provide a list of the subcontractor(s) Respondent will use for the
Services, if any, and the general type of work to be performed by each subcontractor.
8. Unique Capabilities - Provide a summary, not to exceed five (5) pages, of any unique
expertise, products or services that distinguish Respondent.
9. State Certifications and Disclosures - Respondent and any subcontractor(s) must submit
the following three (3) fully executed documents: 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), attached hereto as Appendix A.
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