CalPERS’ Proxy Access Proposal Passes at Old Republic
May 27, 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's (CalPERS) proxy access shareowner resolution, proposal #4, passed today at the annual shareowner meeting of Old Republic International Corporation (Old Republic).
The proposal provides shareowners the right to nominate directors to the company's board. Without effective proxy access, the director election process simply offered a ratification of management's slate of nominees.
"Proxy access will give long-term owners the right to nominate directors to the Board," said Anne Simpson, CalPERS Investment Director of Global Governance. "This is particularly important in situations where the board, as with Old Republic, has not implemented prior shareowner proposals. Accountability to the owners is fundamental."
The proposal included 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 more than 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 $292 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.