CalSTRS Backs Dissident Candidates for Texas Industries Board

News release

 WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) today announced support for a dissident slate of director candidates for the board of Texas Industries. CalSTRS owns more than 67,700 shares of Texas Industries (TXI), accounting for 0.24 percent of shares outstanding.

The slate was developed and is being promoted by Shamrock Activist Value Fund, which manages $200 million in CalSTRS capital. The Shamrock nominees are:

  • Marjorie Bowen, an experienced financial professional and former longtime investment banker at Houlihan Lockey Howard & Zukin.
  • Dennis Johnson, CFA, with 28 years of financial and corporate governance experience and a former Senior Portfolio Manager for corporate governance at CalPERS.
  • Gary Pechota, who has extensive cement industry operational experience.

“The breadth of experience and diverse viewpoints these nominees represent supports the CalSTRS principle of long-term focus,” said CalSTRS Director of Corporate Governance Anne Sheehan. “We look to create lasting value for the shareholders of Texas Industries, who include the members of CalSTRS.”

TXI has nominated three incumbent directors who will be voted on at the building materials company’s October 22 annual meeting in Dallas, Tex. TXI produces and sells building materials based on cement, aggregate and concrete and has primary markets in Texas and California.

CalSTRS also supports three proposals on the Shamrock proxy card to:

  • Eliminate the classified board
  • Adopt the majority vote for director elections
  • Allow shareowner approval of the poison pill

The California State Teachers’ Retirement System, with a portfolio valued at $126.9 billion, is the second largest public pension fund in the United States. It administers retirement, disability and survivor benefits for California’s 833,000 public school educators and their families from the state’s 1,400 school districts, county offices of education and community college districts.