CalSTRS Releases Statement on News Corp. Shareholder Vote
CalSTRS Vote Addresses Lack of Governance Changes at News Corp.
WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) released a statement today outlining its votes at the News Corp. annual meeting. CalSTRS Director of Corporate Governance Anne Sheehan said:
“In accordance with our Corporate Governance Principles, CalSTRS withheld its 35,210 votes from the election of directors because the board fails to meet our independence standard of at least 66 percent. Additionally, CalSTRS supported the shareholder proposals for an independent chairman and to recapitalize the company.
“CalSTRS firmly supports the one-share one-vote principle. Consequently, we will not support the dual-class share structure that disenfranchises the majority of equity holders. As of September 30, 2012, CalSTRS holds 35,210 Class B voting shares worth $873,208; and 6,033,267 Class A non-voting shares worth $147,996,039.
“As a long-term shareholder, we at CalSTRS will continue to push for governance changes at News Corp. – the kind of changes that produce enduring value for California’s educators.”
CalSTRS’ proxy votes are available online. To view the News Corp. votes follow these two steps:
- Type the word “news” into the search box to the right of the pull-down box displaying the words “Company Name.”
- Select “News Corporation.” with the meeting date of Oct. 16, 2012.
The California State Teachers’ Retirement System, with a portfolio valued at $155.4 billion as of September 30, 2012, is the largest teacher pension fund and second largest public pension fund in the United States. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and defined contribution plans, as well as disability and survivor benefits. CalSTRS serves California’s 856,000 public school educators and their families from the state’s 1,600 school districts, county offices of education and community college districts.