Red state pension funds tend to vote with management if management is providing good returns (ie, doing their job); blue state pension funds tend to vote with management if the company does leftist things (ie, ESG, or not paying CEOs very much).
This reflects a general difference in attitude towards institutions; rightists prefer institutions do what they were created for (eg police should fight crime, the military should fight wars, companies should make money doing their business, schools should teach)...
...while left-wingers want every institution to have pushing the Party Line as its #1 priority (extremely totalitarian in that regard). The formers produces a better society, the latter is more politically powerful but destroys everything in the long run.
Especially because, for many/most institutions, interfacing with left-captured institutions is needed to do their job - a company may honestly provide its best returns by being performatively left-wing if it serves left-wing higher education or needs $$$ from (D) pension funds.
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