Yesterday, the WSJ reported that CalPERS, the biggest U.S. pension fund, is reconsidering its bright line voting policy that led to it voting against audit committee members at 83% of its portfolio companies this proxy season. This season’s policy led CalPERS to withhold votes for any audit committee members at companies whose auditors performed any non-audit services, regardless of any other circumstances. CalPERS will consider changes at a trustee meeting in July.
CalPERS to Create First Exec Comp Focus List
CalPERS also announced that it would create its first focus list for companies that it believes pays excessive executive compensation beginning this Fall. CalPERS has established an annual focus list identifying non-performing companies for years and will continue to do so.
Getting Creative with Executive Compensation
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