As a long-term shareowner, we view proxy voting as one of the primary ways to influence a company's operations and corporate governance practices. It is therefore important for shareowners like us to vote our proxies based on the full understanding of publicly available information.

We vote our proxies in accordance with our Governance & Sustainability Principles, and publicly post our votes in advance of each company's annual general meeting.

Governance & Sustainability Principles

As part of the Total Fund Policy adopted by the CalPERS Board, through its Investment Committee, CalPERS has a set of Governance and Sustainability Principles. For more information on CalPERS proxy voting, read the CalPERS Governance & Sustainability Principles (PDF).

Proxy Voting Guidelines

The CalPERS proxy voting guidelines provide an overview of our general philosophy and approach to the most important and commonly presented proxy voting items. Our proxy voting guidelines should be read in conjunction with the CalPERS Governance & Sustainability Principles. We vote our proxies in a manner consistent with these principles and in the interests of our beneficiaries. Read more about our Proxy Voting Guidelines (PDF) and Executive Compensation Analysis Framework (PDF).

Notable Votes

We publish additional voting information to highlight some notable votes to encourage shareowners to vote in accordance with CalPERS. All votes are provided for informational purposes only and do not constitute investment advice.

Proxy Solicitations

CalPERS conducts proxy solicitations on shareowner proposals either filed by CalPERS or shareowner proposals that are aligned with CalPERS initiatives. You can view CalPERS proxy solicitations at the U.S. Securities and Exchange Commission website.

Vote Disclosure

We publish our proxy voting decisions to encourage shareowners to vote in accordance with CalPERS. These votes are for informational purposes only and not intended as investment advice.

To view a record of CalPERS' proxy votes as of January 1, 2015, visit Global Proxy Voting Decisions.

Below are CalPERS' proxy voting trends over the past five fiscal years:

Figure 1: Number of Meetings Voted Globally

Bar chart showing the number of meetings voted globally for fiscal years 2014-2015 to 2018-2019. The fiscal year starts on July 1 and ends on June 30 of the following year. We voted 11,647 meetings in fiscal year 2014-2015, 11,682 meetings in fiscal year 2015-2016, 11,512 meetings in fiscal year 2016-2017, 11,404 meetings in fiscal year 2017-2018 and 11,300 meetings in 2018-2019.

Figure 2: Number of Resolutions Voted Globally

Bar chart showing the number of resolutions voted globally for fiscal years 2014-2015 to 2018-2019. The fiscal year starts on July 1 and ends on June 30 of the following year. We voted 107,529 resolutions in fiscal year 2014-2015, 107,639 resolutions in fiscal year 2015-2016, 108,834 resolutions in fiscal year 2016-2017, 105,717 resolutions in fiscal year 2017-2018 and 107,670 resolutions in fiscal year 2018-2019.

Figure 3: Global Management Proposals

Bar chart showing the number of management proposals voted globally and the support level for those proposals for fiscal years 2014-2015 to 2018-2019. The fiscal year starts on July 1 and ends on June 30 of the following year. We voted 106,466 management proposals in fiscal year 2014-2015, 106,361 in fiscal year 2015-2016, 107,445 in fiscal year 2016-2017, 104,763 in fiscal year 2017-2018 and 106,673 in fiscal year 2018-2019. The support level was 89% in fiscal year 2014-2015, 89% in fiscal year 2015-2016, 82% in fiscal year 2016-2017, 83% in fiscal year 2017-2018 and 78% in fiscal year 2018-2019.

Figure 4: Global Shareowner Proposals

Bar chart showing the number of shareowner proposals voted globally and the support level for those proposals for fiscal years 2014-2015 to 2018-2019. The fiscal year starts on July 1 and ends on June 30 of the following year. We voted 1,063 shareowner proposals in fiscal year 2014-2015, 1,278 in fiscal year 2015-2016, 1,389 in fiscal year 2016-2017, 954 in fiscal year 2017-2018 and 997 in fiscal year 2018-2019. The support level was 58% in fiscal year 2014-2015, 46% in fiscal year 2015-2016, 43% in fiscal year 2016-2017, 58% in fiscal year 2017-2018 and 62% in fiscal year 2018-2019.

Figure 5: United States Management Proposals

Bar chart showing the number of United States management proposals voted and the support level for those proposals for fiscal years 2014-2015 to 2018-2019. The fiscal year starts on July 1 and ends on June 30 of the following year. We voted 29,334 United States management proposals in fiscal year 2014-2015, 28,706 in fiscal year 2015-2016, 30,214 in fiscal year 2016-2017, 27,583 in fiscal year 2017-2018 and 27,075 in fiscal year 2018-2019. The support level was 90% in fiscal year 2014-2015, 90% in fiscal year 2015-2016, 86% in fiscal year 2016-2017, 87% in fiscal year 2017-2018 and 83% in fiscal year 2018-2019.

Figure 6: United States Shareowner Proposals

Bar chart showing the number of United States shareowner proposals voted and the support level for those proposals for fiscal years 2014-2015 to 2018-2019. The fiscal year starts on July 1 and ends on June 30 of the following year. We voted 626 United States shareowner proposals in fiscal year 2014-2015, 567 in fiscal year 2015-2016, 492 in fiscal year 2016-2017, 506 in fiscal year 2017-2018 and 484 in fiscal year 2018-2019. The support level was 85% in fiscal year 2014-2015, 82% in fiscal year 2015-2016, 82% in fiscal year 2016-2017, 86% in fiscal year and 87% in fiscal year 2018-2019.

Figure 7: International Management Proposals

Bar chart showing the number of international management proposals voted and the support level for those proposals for fiscal years 2014-2015 to 2018-2019. The fiscal year starts on July 1 and ends on June 30 of the following year. We voted 77,132 international management proposals in fiscal year 2014-2015, 77,655 in fiscal year 2015-2016, 77,231 in fiscal year 2016-2017, 77,180 in fiscal year and 79,598 in fiscal year 2018-2019. The support level was 89% in fiscal year 2014-2015, 89% in fiscal year 2015-2016, 81% in fiscal year 2016-2017, 82% in fiscal year 2017-2018 and 77% in fiscal year 2018-2019.

Figure 8: International Shareowner Proposals

Bar chart showing the number of international shareowner proposals voted and the support level for those proposals for fiscal years 2014-2015 to 2018-2019. The fiscal year starts on July 1 and ends on June 30 of the following year. We voted 437 international shareowner proposals in fiscal year 2014-2015, 711 in fiscal year 2015-2016, 897 in fiscal year 2016-2017, 448 is fiscal year 2017-2018 and 513 in fiscal year 2018-2019. The support level was 19% in fiscal year 2014-2015, 17% in fiscal year 2015-2016, 22% in fiscal year 2016-2017, 26% in fiscal year 2017-2018 and 40% in fiscal year 2018-2019.

Figure 9: United States Executive Compensation Votes

Bar chart showing the number of United States executive compensation, also known as say on pay, proposals voted and the support level for those proposals for fiscal years 2014-2015 to 2018-2019. The fiscal year starts on July 1 and ends on June 30 of the following year. We voted 2,562 say-on-pay proposals in fiscal year 2014-2015, 2,492 in fiscal year 2015-2016, 2,686 in fiscal year 2016-2017, 2,473 in fiscal year 2017-2018 and 2,489 in fiscal year 2018-2019. The support level was 17% in fiscal year 2014-2015, 21% in fiscal year 2015-2016, 19% in fiscal year 2016-2017, 39% in fiscal year 2017-2018 and 52% in fiscal year 2018-2019.