(Approved by the Board of Regents, June 21, 1990)
  1.  The Chancellor or designee shall ensure that proxies of all
      investment securities represented in the University of
      Maryland System investment portfolio are voted on a timely
      basis.  Because it is assumed that a decision to invest in a
      particular company is based on the belief that management of
      that company is sound and is performing well, proxies of that
      company shall generally be voted in accordance with
      management's recommendations.
  2.  Notwithstanding the above, when voting proxies the Chancellor
      or designee shall recognize issues of corporate social
      responsibility which include, but are not limited to, those
      concerned with:
          a.  protection of the environment;
          b.  occupation and health standards;
          c.  consumer protection;
          d.  equal employment opportunity;
          e.  human rights; and
          f.  respect for national and international law intended
              to promote these concepts.
  3.  The Chancellor or designee shall distribute to the Finance
      Committee each month a report of proxies voted.  The report
      shall describe the proposal and identify how the proposal was
      voted.  The report shall highlight the proxies voted against
      management's recommendations and the proxies voted which
      concerned an issue of social responsibility.
  Replacement for:  BOR V - 1.10;  BOR V - 1.20.