Notwithstanding any other provision of the law, every state agency owning common stock shall, when returning proxies to a corporation, vote each proxy that is returned to the corporation. Nothing in this section shall prohibit a state agency owning common stock from abstaining on a corporate or shareholder proposal and notifying the corporation in writing of the state agency’s desire to abstain on a corporate or shareholder proposal.

As used in this section “state agency” includes the state, the University of California, and any office, department, division, bureau, board, commission, agency, or pension or retirement system thereof.