Joseph Dear, CIO of the California Public Employees’ Retirement System (CalPERS), endorsed an SEC proposal to open corporate elections to shareholders in a press release on the pension fund’s website. “Directors who are independent, competent, and responsive to the interests of shareowners will be more effective in undertaking their management oversight roles,” said Dear. “As a whole, companies will be better managed and will have enhanced risk management and potential for creating value.” The proposed rule by the SEC would open ballots for shareholders in nominating and electing directors to a company’s board of directors, reports the Sacramento Business Journal. CalPERS owns stock in 7,000 public companies and a total of $191 billion of assets.
CalPERS Endorses SEC Proposal for Proxy Access
CalPERS CIO Joseph Dear says giving shareholder more access to the nominating process will augment risk management and create value.
August 18, 2009