CalPERS Made “Significant Progress” on Corporate Governance Goals This Year

Calpers

The largest pension fund in the country on Wednesday announced that it had “made significant progress” on its corporate governance agenda so far this year.

In a press release, CalPERS talked about progress made on its efforts to use its clout – and votes – as a shareholder to engage companies on climate risk and push for corporate board diversity.

From P&I:

In proxy access, which enables shareholders to use corporate proxy materials to nominee directors, CalPERS has supported such proposals at 100 companies this year and of the 78 which have come to a vote as of Wednesday, 51 have passed.

“We’re pleased that many companies’ policies are evolving thanks to the outcome of our votes,” Theodore “Ted” Eliopoulos, CalPERS chief investment officer, said in a news release about the proxy-voting outcomes. “Important changes in board leadership and environmental strategies will help strengthen these corporations and, in turn, CalPERS’ investments.”

On climate risk, “CalPERS has been engaging fossil-fuel companies directly and through its work with Ceres, a non-profit advocate for sustainability leadership, on the Carbon Asset Risk Initiative,” calling for companies to disclose risk and opportunities posed by climate change, the release said. The BP PLC and Royal Dutch Shell PLC boards endorsed shareowner proposals, leading the companies to voluntary agree on additional climate risk reporting.

Read the release here.

 

Photo by  rocor via Flickr CC License

Share This Post

Recent Articles

Leave a Reply

Privacy Policy | © 2017 Pension360 and © 2014 Policy Data Institute | Site Admin · Entries RSS ·