The State of Michigan Retirement System Proxy Voting Guidelines are straightforwardly “for” on appraisal, writing:

“Appraisal rights are intended to help protect shareholders from unfair pricing in corporate transactions. The SMRS will vote for proposals that (i) provide shareholders with appraisal rights, (ii) restore rights of appraisal, or (iii) which otherwise support rights of appraisal.”

Voting in favor of appraisal, a right that, as SMRS recognizes, helps protect shareholders from unfairness, is a common theme among proxy guidelines.