CalSTRS and CalPERS Applaud SEC Chairman Christopher Cox Proxy Access Rulemaking Process

News release

Sacramento, CA – Jack Ehnes, Chief Executive Officer of the California State Teachers’ Retirement System and Fred Buenrostro, Chief Executive Officer of the California Public Employees’ Retirement System issued the following joint statement today about the announcement made by SEC Chairman Christopher Cox on proxy access:

“We commend Chairman Cox for his decision to go forward with a deliberative rulemaking process on the use of the proxy to nominate corporate directors. We are confident it will result in a thoughtful rule permitting reasonable, fair shareowner access.

CalSTRS and CalPERS look forward to a full and complete opportunity to provide feedback on a rule that all shareowners and Corporate America will live by in the future.

The ability to elect, nominate and hold directors accountable are the cornerstones of shareowner rights. Any new proposals should be handled with the utmost care and considered by all market participants.”