2010 News Releases

2010 News Releases

Overview
News release

CalSTRS and Relational Commend Occidental Petroleum’s Election of Board Nominee, Margaret ‘Peggy’ Foran

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (“CalSTRS”) and Relational Investors LLC (“Relational”) commend today’s election of its nominee, Margaret “Peggy” Foran, to the Occidental Petroleum Corporation (“the Company”) Board of Directors.

The election, along with the previously announced series of reforms regarding CEO succession planning, executive compensation, and board composition, successfully satisfies the terms of the October agreement between CalSTRS/Relational and the Company.

News release

CalSTRS Sets Lower Actuarial Assumptions
The investment return rate lowered to 7.75 percent, inflation lowered by one-quarter percent.

WEST SACRAMENTO, CA – The board of the California State Teachers’ Retirement System (CalSTRS), at its Dec. 2 meeting, lowered several long-term actuarial assumptions including the rate of return on investments from 8 percent to 7.75 percent and its assumed inflation assumptions by 0.25 percent. The move acknowledges an expectation of reduced future earnings and lower inflation.

The board’s decision culminated ten months of comprehensive analysis of the long-term economic assumptions affecting the CalSTRS defined benefit, following recent market declines.

News release

CalSTRS Board Approves Video Transmission of Meetings
Web streaming affirms board’s commitment to transparency.

WEST SACRAMENTO, CA – The Board of the California State Teachers’ Retirement System took another step today toward greater transparency of its proceedings by approving the live video streaming and archiving of its meetings on the Web.

The decision means live video streaming, as well as archived versions, will be available on the website, www.CalSTRS.com. CalSTRS currently offers live audio streaming. Also, the current practice of providing DVDs of meetings to anyone who requests them will continue.

News release

CalSTRS Critical of U.S. Chamber’s Lawsuit Against SEC’s Proxy Access Ruling
The SEC’s ruling enhances corporate value by promoting long-term value.

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) today issued the following statement.

CalSTRS wholeheartedly rejects the assertions made by the U.S. Chamber of Commerce and the Business Roundtable in their Sept. 29 lawsuit against the Securities and Exchange Commission’s Aug. 25 proxy access ruling. CalSTRS will explore all possible options, including legal strategies to oppose this action to roll back shareholder rights.

News release

CalSTRS Adopts Actuarial Valuation
Snapshot of fund’s assets and liabilities shows Defined Benefit Program is 78 percent funded.

WEST SACRAMENTO, CA – Board members of the California State Teachers’ Retirement System (CalSTRS) today adopted the June 30, 2009 actuarial valuation of the Defined Benefit Program.

The valuation serves as a determination of the fund assets and liabilities. It shows an unfunded obligation of $40.5 billion, an increase of $18 billion from the June 30, 2008 valuation, and a funded ratio of 78 percent, a decrease of 9 percent from last year.

News release

CalSTRS Supports SEC Proxy Access Ruling
Increasing shareholder voice is vital to building long-term value.

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) today applauded the Securities and Exchange Commission’s (SEC) ruling to provide greater shareholder access to the corporate proxy ballot.

In a 3 to 2 decision, the SEC commissioners today broke years of deadlock by allowing shareholders with at least a 3 percent stake in a company’s stock, held for three years, to nominate directors on a company’s proxy ballot. The issue has been a longstanding priority for CalSTRS.

News release

CalSTRS Offices To Remain Open

Starting August 20, 2010, CalSTRS headquarters in West Sacramento will remain open on every Friday of the month, not including state holidays. Governor Schwarzenegger’s recent employee furlough order is not expected to affect business at CalSTRS headquarters or any of the regional benefits counseling offices.

In addition to CalSTRS remaining open, the toll-free information phone numbers will continue to operate as usual:

News release

CalSTRS Announces Selection of Deputy Chief Investment Officer
Investment Operations Chief John Petzold is named Director of Investment Management/Deputy CIO.

WEST SACRAMENTO, CA–The California State Teachers’ Retirement System today announced John Petzold as its first Director of Investment Management/Deputy Chief Investment Officer. The position comprises both the broad administrative duties of a deputy chief investment officer and the more focused responsibilities of a director of an asset class.

News release

CalSTRS Applauds Financial Regulatory Reforms
President Obama signs legislation to protect shareholders, prevent repeat of 2008 market collapse.

WEST SACRAMENTO, CA– The California State Teachers’ Retirement System (CalSTRS) today issued this statement:

CalSTRS joins with its partner state pension funds and plan sponsors, representing 7 million active and retired employees, with combined assets of more than $1 trillion in applauding meaningful financial regulatory reforms signed into law today by President Obama.

News release

CalSTRS Rebounds with Double-Digit Returns
12.2 percent return a positive note, but 2008 declines still impact portfolio.

WEST SACRAMENTO, CA– The California State Teachers’ Retirement System (CalSTRS) investment portfolio posted a solid 12.2 percent return at the end of the 2009-10 fiscal year.

The CalSTRS investment portfolio’s market value at fiscal year’s end was $129.77 billion. The 12.2 percent return rate beat the actuarial rate of 8 percent and brought in more than $10 billion as the 2009-10 fiscal year ended on June 30.

News release

CalSTRS Praises Congressional Action on Financial Reform Legislation, Urges Swift Passage by House and Senate
Agreement affirms SEC authority to write rules giving shareholders proxy access.

WEST SACRAMENTO, CA– The California State Teachers’ Retirement System (CalSTRS) today praised action by Senate and House negotiators to reach agreement on financial regulatory reform legislation. The full House and Senate are expected to act on the measure next week.

News release

CalSTRS Urges Support of Sustainability Resolution at Chesapeake Energy
Two key proxy advisor firms support call for sustainability report by directors at Chesapeake Energy.

WEST SACRAMENTO, CA– A resolution proposed by the California State Teachers’ Retirement System (CalSTRS) calls on Chesapeake Energy Corporation (NYSE: CHK) to issue a sustainability report on environmental, social and governance (ESG) issues, focusing on greenhouse gas emissions and its plans to manage emissions. It is the first shareholder resolution on sustainability reporting submitted for consideration at Chesapeake.

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.