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.
An economic impact study finds that CalSTRS benefit payments are a substantial economic driver in California, generating $11 billion in economic activity, supporting more than 92,000 jobs and creating about $1.2 billion in tax payments to state and local governments through income, sales and corporate profit taxes.
The study was commissioned by CalSTRS and prepared by the Business Forecasting Center of the University of the Pacific Eberhardt School of Business. It measures the impact the CalSTRS benefit payments have on California’s labor income, employment, economic output and tax revenue generation. Its findings are based on $9.2 billion in ongoing monthly and quarterly benefit payments CalSTRS issued during the 2011-12 fiscal year.
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