CalPERS Urges Old Republic Investors to Vote for Proxy Access at Annual Meeting
May 26, 2016
Communications & Stakeholder Relations
Brad W. Pacheco, Deputy Executive Officer
Wayne Davis, Chief, Office of Public Affairs
Contact: Joe DeAnda, Information Officer
SACRAMENTO, CA - The California Public Employees' Retirement System (CalPERS) is urging fellow shareowners of the insurance underwriting company Old Republic International Corporation (Old Republic) to vote in favor of a proxy ballot proposal requiring the company to allow shareowners proxy access.
Formally titled proposal #4, it will provide shareowners the right to nominate directors to the company's board. Without effective proxy access, the director election process simply offers a ratification of management's slate of nominees.
"CalPERS believes boardroom accountability is critically important," said Anne Simpson, CalPERS Investment Director of Global Governance. "Given Old Republic's decision to not implement a 2015 proposal requesting the adoption of majority voting for director elections, which passed with 78 percent shareowner support, it is important proposal #4 passes."
The resolution highlights three specific areas:
- Beneficial ownership of at least 3 percent of the outstanding stock
- Three years of continuous ownership
- Ability to nominate up to 25 percent of the board
To learn more, view the Old Republic International Corp. Shareowner Alert (PDF).
For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.8 million members in the CalPERS retirement system and administers benefits for nearly 1.4 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. CalPERS’ total fund market value currently stands at approximately $290 billion. For more information, visit www.calpers.ca.gov.
CalPERS actively engages with companies to protect the health of our investments. Learn how our proxy voting efforts influence corporate governance.