Proxy Voting

Proxy Voting

Overview
Statement Michelle Mussuto

CalSTRS Supports S&P Action to Bar Multi-Class Share Companies from Index

WEST SACRAMENTO, Calif. (Aug. 4, 2017) – CalSTRS Director of Corporate Governance Anne Sheehan issued the following statement in response to S&P Dow Jones Indices decision this week to not include companies with multi-class shares in the S&P Composite 1500®.

“We are very pleased by S&P’s decision because it reflects the view of investors that dual and multi-class share structures eliminate a core corporate governance principle—one share, one vote.

Statement Michelle Mussuto

CalSTRS Upends Wells Fargo Stagecoach with Votes Against Long-Tenured Board Members

WEST SACRAMENTO, Calif. – CalSTRS voted its 11.6 million shares against long-tenured board members John D. Baker II, John S. Chen, Lloyd H. Dean, Enrique Hernandez, Jr., Donald M. James, Cynthia H. Milligan, Federico F. Peña, Stephen W. Sanger, and Susan G. Swenson. These board members failed in their duty to shareholders to identify the weaknesses in the company’s risk and oversight mechanisms.

News release Ricardo Duran

CalSTRS Corporate Governance Advances Majority Vote Standard
Uncontested Director Elections Proposals Meet With 100% Success

WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System announced today that it waged a highly successful proxy season campaign to advance the majority vote standard in board of director elections at public companies. CalSTRS engaged 106 companies, 94 of which adopted the standard before it went to a vote.

News release Ricardo Duran

CalSTRS Corporate Governance Releases Proxy Season Summary Report
Staff voted on 77,461 proxy proposals at 7,923 meetings

WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System’s Corporate Governance staff wrapped up this year’s proxy season where the dominant governance issue was proxy access. Proxy access made up more than 28 percent of the governance proposals compared to 6 percent in 2013–14.

News release Ricardo Duran

CalSTRS Explains Sponsorship of Declassification Proposal at the 2015 Perry Ellis Annual Shareholders Meeting
Believes the Perry Ellis board must be held accountable to shareholders annually to address significant long-term underperformance

WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System (CalSTRS) continues to sponsor a shareholder proposal to declassify the board of directors (the board) of Perry Ellis International, Inc. (Perry Ellis or the company) at the company’s upcoming annual shareholders meeting, scheduled for July 17, 2015 (the annual meeting). CalSTRS explains the reasons behind its position.

News release Ricardo Duran

CalSTRS Votes Against Toyota Proposal to Create Dual-Class Shares
Japan-only dual-class share voting structure benefits select shareholders

WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System (CalSTRS) announced today its decision to vote 4.3 million shares against a proposal at the June 16, 2015, Toyota Motor Corporation annual shareholder meeting that would create a dual-class share voting structure.

Statement Ricardo Duran

CalSTRS Statement on the Results of Trian Slate at DuPont Annual Meeting

WEST SACRAMENTO, Calif. – The following statement is attributable to California State Teachers’ Retirement System (CalSTRS) Director of Corporate Governance Anne Sheehan:

“While CalSTRS is disappointed Trian did not prevail in their bid to seat a slate of nominees to the DuPont Board of Directors, we are encouraged by the changes Trian Partners have driven at the company. DuPont has acted on many of Trian’s early recommendations and, as partners with Trian, we are prepared to work from the outside toward long-term growth in collaboration with the board.

News release Michael Sicilia

CalSTRS Releases Inaugural Sustainability Report, The Next 100 Years
CalSTRS is the first U.S. public pension fund to complete a sustainability report consistent with comprehensive Global Reporting Initiative guidelines

WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System (CalSTRS) today announced the release of its 2013–14 Sustainability Report: The Next 100 Years. CalSTRS is the first U.S. public pension fund to complete the rigorous and detailed sustainability reporting guidelines consistent with the Global Reporting Initiative .  

News release Ricardo Duran

CalSTRS 2013 Proxy Season Advances Majority Voting Standard
Focus on small cap companies proves to be the right move.

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) today announced overwhelming corporate governance success during the 2013 proxy season, as 77 of the 82 companies engaged adopted a majority vote standard in corporate board elections.

News release Ricardo Duran

CalSTRS and Relational Commend Timken Spinoff Plan
The plan respects the will of a majority of shareholders to split into separate steel and bearings businesses.

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) and Relational Investors LLC (Relational) commended The Timken Company’s plan, announced today, to spin off its steel division into a separately traded public company.