The California Public Employees’ Retirement System (CalPERS) issued the following statement today in response to a decision by the U.S. Court of Appeals, District of Columbia Circuit, to overturn a regulation adopted by the U.S. Securities and Exchange Commission (Commission). The proposed regulation, known as the “proxy access rule,” gives long-term shareowners the right to include their candidate for the Board of Directors on the company ballot.
“The proxy access rule will level the playing field for director elections and bring greater accountability to America’s boardrooms,” said Anne Stausboll, Chief Executive Officer for CalPERS. “Board members are held responsible to the company’s owners – its investors – through the election process. Implementation of this rule will help restore the confidence of investors in the financial markets. As a long-term investor, CalPERS is discouraged that the court decided to invalidate the Commission’s action.
“Today’s decision is a missed opportunity to bring Corporate America in line with best practices in corporate governance observed in other financial markets. Proxy access is one of our top priorities. We are committed to supporting the Commission in its efforts to protect the interests of shareowners and will continue to advocate for the adoption and implementation of a meaningful proxy access rule.”
CalPERS is the nation’s largest public pension fund with approximately $238 billion in market assets. It provides retirement benefits to more than 1.6 million State, public school, and local public agency employees, retirees, and their families, and health benefits to nearly 1.3 million members. The average CalPERS pension is $2,220 per month. For more on CalPERS, please visit www.calpers.ca.gov.
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CalPERS Responds To Appeals Court Decision In Proxy Access Case
Date 22/07/2011