Corporate Governance News Releases

News release Ricardo Duran

CalSTRS Corporate Governance Achieves 97 percent Success Rate in the Adoption of the Majority Vote Standard
Five-year engagement plan demonstrates better alignment of board and shareholder interests.

WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System today released its 2015 Corporate Governance Annual Report highlighting a successful engagement plan, which resulted in 375 companies adopting a majority vote standard.

“In 2010, CalSTRS’ Corporate Governance program implemented an engagement plan focused on 26 smaller cap companies,” said CalSTRS Director of Corporate Governance Anne Sheehan. “And, as a result of the effort, 80 percent of those companies moved from a plurality to a majority vote standard.”

News release Ricardo Duran

Majority Voting Standard Gains Ground, CalSTRS Corporate Governance Annual Report Shows
The 2nd annual report shows that 92 out of 100 companies engaged adopted majority voting

WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System’s (CalSTRS) Corporate Governance 2014 Annual Report shows its engagement with small-cap companies yielded remarkable progress in the adoption of majority voting standards for the election of corporate directors.

The Corporate Governance 2014 Annual Report reflects four years of work with small-cap companies—those with a capitalization of $2 billion or less—to adopt the majority-vote standard. The standard requires directors to receive a majority of shareholder support to be elected to the board.

News release Michael Sicilia

CalSTRS Releases First Annual Corporate Governance Report
Overview of shareholder activism seeks to increase shareholder value over time.

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) has released the Corporate Governance 2013 Annual Report, the first such report at CalSTRS.

Statement Michael Sicilia

CalSTRS CEO Issues Statement on COP21 Climate Talks

WEST SACRAMENTO, Calif.CalSTRS Chief Executive Officer, Jack Ehnes issued the following statement on the draft release of the Paris Agreement under the United Nations Framework Convention on Climate Change as part of the Conference of the Parties in Paris, France:

News release Ricardo Duran

CalSTRS Corporate Governance Releases Proxy Season Summary Report
Staff voted on 77,461 proxy proposals at 7,923 meetings

WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System’s Corporate Governance staff wrapped up this year’s proxy season where the dominant governance issue was proxy access. Proxy access made up more than 28 percent of the governance proposals compared to 6 percent in 2013–14.

News release Ricardo Duran

CalSTRS Explains Sponsorship of Declassification Proposal at the 2015 Perry Ellis Annual Shareholders Meeting
Believes the Perry Ellis board must be held accountable to shareholders annually to address significant long-term underperformance

WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System (CalSTRS) continues to sponsor a shareholder proposal to declassify the board of directors (the board) of Perry Ellis International, Inc. (Perry Ellis or the company) at the company’s upcoming annual shareholders meeting, scheduled for July 17, 2015 (the annual meeting). CalSTRS explains the reasons behind its position.

Statement Ricardo Duran

CalSTRS’ Statement on the SEC Proposed Rule for Executive Compensation Disclosure

WEST SACRAMENTO, CA – Yesterday, the Securities and Exchange Commission released a proposed rule that would require all public companies to disclose a comparison of the Chief Executive Officer’s (CEO) compensation to that of the median income of company employees—otherwise known as pay ratio disclosure.

News release Ricardo Duran

CalSTRS Analysis of 2011 Say-on-Pay Proxy Voting Available Online
CalSTRS Corporate Governance offers a lessons learned analysis for the first year of mandatory say-on-pay for most U.S. Corporations

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) released, “Lessons Learned: The Inaugural Year of Say-on-Pay,” its analysis of shareholders’ ability to vote on executive compensation, known as say-on-pay, during the 2011 proxy season.

News release

CalSTRS to Oppose Occidental Petroleum Executive Compensation Advisory Vote
Letter to director critical of ‘wildly excessive pay’ in excess of peer group median.

 WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) announced today it will vote against the advisory vote approving executive compensation and the election of all incumbent board members at Occidental Petroleum’s (NYSE: OXY) 2010 Annual Meeting in Los Angeles on May 7.

Letter Ricardo Duran

CalSTRS Letter to Bank of America Regarding Intent to Vote Against Bylaw Amendment

We are writing today to inform you of our intention to vote against the Board’s amendment to the Bank of America bylaws, which would provide for either an independent Chair or a Lead Independent Director.  We have stated many times in previous correspondence that CalSTRS fundamentally supports a leadership structure with an independent Chair.  We believe the roles of CEO and Chair of the Board, have inherent conflicts which require the two posts to be separate and independent. 

News release Ricardo Duran

CalSTRS Board Updates Corporate Governance Principles on Corporate Board Diversity
Update expands the definition of corporate board diversity to include sexual orientation and gender identification, sought by State Treasurer John Chiang

WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System’s (CalSTRS) Investment Committee today updated their Corporate Governance Principles to expand the definition of board diversity to include sexual orientation and gender identity.

News release Ricardo Duran Charlotte Laurent-Ottomane

CalSTRS and The Thirty Percent Coalition Expand Campaign For More Women on Corporate Boards
The Thirty Percent Coalition is reaching out to Russell 1000 companies lacking women board directors.

WEST SACRAMENTO, Calif. – Institutional investors representing more than $3 trillion in assets under management, along with some of the nation’s leading women’s organizations, sent letters to 100 companies in the Russell 1000 Index that lack women on their boards of directors, urging them to embrace gender diversity.

News release Gretchen Zeagler

CalSTRS Releases 8th Annual Green Initiative Task Force Report
Environmentally-focused strategies nearly triple green bond purchases

WEST SACRAMENTO, Calif. – California State Teachers’ Retirement System’s (CalSTRS) eighth annual Green Initiative Task Force 2014 Annual Report shows an almost 300 percent increase in green bond purchases within the Fixed Income portfolio. This year, the Teachers’ Retirement Board identified sustainable investing as a key, strategic priority, which is reflected in the report and other initiatives.

News release Gretchen Zeagler

U.S. Insurance Companies’ Response to Climate Change Impacts Investment Risks
CalSTRS says new report shows more action from the insurance sector is needed

WEST SACRAMENTO, Calif. – A new report from Ceres ranks the nation’s 330 largest insurance companies on their response to climate-related risks and finds a profound lack of preparedness. CalSTRS currently holds $4.3 billion of investments in the insurance sector, which represents 2.4 percent of the overall portfolio. CalSTRS believes that climate-related risks and opportunities can affect the performance of its investments.

News release Ricardo Duran

CalSTRS ‘Green Team’ Releases 2013 Annual Report
Fixed Income Green Program 900 basis points higher than reported in 2012

WEST SACRAMENTO, CA – California State Teachers’ Retirement System (CalSTRS) today announced the release of the Green Initiative Task Force’s seventh annual report detailing investment activities in environmental risk management and seized opportunities.