Proxy Voting

Proxy Voting

Overview
Statement Ricardo Duran

CalSTRS Proposal to Split Timken Approved by Shareholders
Shareholders understand the added value of the businesses as separate companies.

WEST SACRAMENTO, CA – Shareholders today voted 53 percent to support the California State Teachers’ Retirement System (CalSTRS) proposal to split The Timken Company into separate steel and ball bearing businesses. The move will unlock greater shareholder value, CalSTRS officials announced at the annual shareholder meeting in Canton, Ohio.

News release

Relational Investors LLC and CalSTRS Comment on Timken Proxy Materials
Relational and CalSTRS Launch www.UnlockTimken.com to Provide Shareholders With Important Information About Why The Separation of Timken’s Two Core Businesses Would Enhance Shareholder Value

Shareholders Able to Send Timken Board A Message to Unlock Shareholder Value by Voting for CalSTRS’ Proxy Proposal to Have Timken’s Two Core Businesses Separated, Eliminating The Stock’s Long-Standing “Conglomerate” Discount 

Statement Ricardo Duran

CalSTRS Statement on its Vote at the Disney Annual Shareholder Meeting
Combined Chair/CEO positions and executive compensation program are concerns.

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) today issued the following statement regarding its votes at the Walt Disney Company Annual Shareholder Meeting in Phoenix, Ariz. This statement is attributable to CalSTRS Director of Corporate Governance, Anne Sheehan.

News release

CalSTRS Disney Proxy Vote Video News Release

Corporate Governance Director Anne Sheehan lays out CalSTRS’ issues with The Walt Disney Company’s governance structure—especially the current combined role of CEO and Board Chair—and CalSTRS intent to vote against this and other structural shortcomings at Disney’s March 6, 2013 annual meeting.

News release Ricardo Duran

CalSTRS to Vote Against Disney’s Combined Chair/CEO, Executive Pay
Combined roles create conflicts and compensation plan works against shareholders’ interest.

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) today announced its vote at the March 6, 2013, Walt Disney Company annual shareholder meeting. A detailed vote tally and analysis are available in the Corporate Governance section of the CalSTRS website.

News release Michael Sicilia

CalSTRS Files Suit Against Wal-Mart Officials
Wal-Mart's payment of bribes and internal cover-up at the highest levels prompt legal action in Delaware Court of Chancery

WEST SACRAMENTO, CA – The Teachers’ Retirement Board, the governing body of CalSTRS, today took legal action on behalf of Wal-Mart against current and former Wal-Mart board members. The derivative action lawsuit (PDF – 132 KB) alleges bribery and a subsequent cover-up in the corporation’s Mexico expansion.

News release

CalSTRS and Relational Support Election of All Occidental Directors

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) and Relational Investors LLC (Relational) are supporting the election of all Occidental Petroleum Board nominees at the company’s annual meeting scheduled for May 6, 2011.

CalSTRS and Relational are satisfied with the changes the company announced in October 2010 regarding executive compensation, CEO succession planning, and director retirement policy. CalSTRS and Relational support these initiatives and plan to continue to work with the board to maximize long-term shareholder value.

News release

CalSTRS and Relational Endorse Charles River Laboratories’ Board Appointments
Formation of new Strategic Planning Committee praised

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (“CalSTRS”) and Relational Investors LLC (“Relational”) issued the following statement in response to the appointments of Robert J. Bertolini and Richard F. Wallman to the Charles River Laboratories International, Inc. (“the Company”) Board of Directors:

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 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 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 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 Opposes Charles River Laboratories Acquisition
Adding Chinese firm adds risk, lacks sufficient returns for shareholders.

WEST SACRAMENTO, CA– The California State Teachers’ Retirement System (CalSTRS) has notified the board of directors at Charles River Laboratories, Inc. (NYSE: CRL), that it will not support the drug research company’s buyout of China’s WuXi PharmaTech Inc (NYSE: WX).

In a letter to directors, CalSTRS said the high price for WuXi “adds unnecessary risk” and “does not offer Charles River shareholders sufficient returns.” CalSTRS also expressed concern that the board might alter terms of the deal to permit the acquisition without shareholder approval.