Corporate Governance Summary of Proxy Votes – Fiscal Year 2016-17

Corporate Governance Summary of Proxy Votes – Fiscal Year 2016-17

Overview
General Information

Overview

The Teachers’ Retirement Board has a fiduciary duty to treat proxy votes as plan assets. This activity serves our core mission of using our vote to enhance shareholder returns and improve the financial markets for all investors.

CalSTRS believes the execution of proxies is an important fundamental shareholder right, and staff always seeks to exercise our rights in a manner consistent with the interests of our beneficiaries, California public teachers. We use our proxy votes to support certain corporate directors or shareholder proposals to introduce necessary changes that will enhance the company’s long-term shareholder value.

General Information

Proxy Voting Summary

In 2016-17, CalSTRS voted on more than 79,782 proposals at 7,889 meetings held by companies in our Global Equity portfolio. The 79,782 proposals were a 3.6 percent increase from the 76,995 proposals voted in 2015-16, and the 7,889 meetings considered were slightly less than the 7,932 meetings considered in 2015-16.

General Information

Domestic Proxy Votes

In 2016-17, staff voted on 26,488 proposals at 2,963 meetings held by companies in the domestic public equity portfolio. Compared to 2015-16, the number of proposals and meetings was 5.6 percent higher and 1.6 percent lower, respectively.

General Information

Global Proxy Votes

In 2016-17, staff voted on 53,294 proposals at 4,926 meetings held by companies in our non-domestic equity portfolio. Compared to 2015-16, the number of proposals and meetings was 2.7 percent higher and 0.1 percent lower, respectively.