The California Public Employees’ Retirement System (CalPERS) has made its case to revamp the board of directors at Texas Industries, according to the Sacramento Business Journal. Texas Industries, which will host its annual shareholder meeting on October 22, is facing a dissident slate of directors from CalPERS through Shamrock Activist Value Fund, which invests $200 million for CalPERS. “The experienced and diverse Shamrock director slate can more effectively oversee CalPERS interests as a long-term shareowner of Texas Industries by better focusing the board’s attention on optimizing the company’s operating performance, profitability and returns to shareowners,” said CalPERS’s Anne Simpson, senior portfolio manager of corporate governance. “We’re also looking for a culture of greater board and executive management accountability to shareowners and improved governance practices that are consistent with CalPERS principles.”
CalPERS Pushes for Change at Texas Industries
CalPERS is pushing for a new slate of directors at Texas Industries.
October 2, 2009