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GOVERNANCE

More pension funds join chorus opposing GM pay package

Mary T. Barra GM
Mary T. Barra

California State Teachers' Retirement System, Canada Pension Plan Investment Board and Florida State Board of Administration joined other large pension funds and proxy-voting advisory firms in opposing ratification of the pay of Mary T. Barra, chairman and CEO, and other top executives at General Motors Co.

The C$278.9 billion ($214 billion) Toronto-based CPPIB; $187.4 billion West Sacramento-based CalSTRS; and $179.5 billion Tallahassee-based FSBA plan to voted against ratification of the compensation packages, according to their proxy-voting disclosures.

The C$171.4 billion Ontario Teachers' Pension Plan, Toronto, and the $127 billion Texas Teacher Retirement System, Austin, as well as Glass Lewis and Institutional Shareholder Services already reported they oppose the pay.

Ms. Barra's total compensation in 2015 was $28.5 million, up 77% from 2014, according to GM's proxy statement. The total pay of the other four named executives in 2015 ranged from $8.1 million to $11.8 million.

In addition, CalSTRS and the FSBA plan to vote against the election as directors of Kathryn V. Marinello, Patricia F. Russo, and Carol M. Stephenson. CalSTRS also plans to vote against the election as director of Joseph Jimenez and James J. Mulva, while the FSBA also plans to vote against Linda R. Gooden.

General Motors' annual meeting is Tuesday in Detroit.