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GOVERNANCE

CalPERS, New York City pension funds urge Humana shareholders to vote for proxy access

Humana

CalPERS and New York City Retirement Systems on Monday urged Humana Inc. shareholders to vote in favor of a proxy access proposal at the company’s April 20 shareholder meeting.

“We believe providing access to a company’s proxy by giving shareowners the ability to nominate directors to the board is one of the most important rights for owners of a company,” the two pension funds said in a letter Monday to shareholders. “Without effective proxy access, the director election process simply offers little more than a ratification of management’s slate of nominees.”

The terms for proxy access proposed by the $313.2 billion California Public Employees’ Retirement System, Sacramento, and the $170.6 billion New York pension fund are ownership of at least 3% of Humana’s outstanding stock, three years of continuous ownership and the ability to nominate up to 25% of the company’s board.

CalPERS and the New York pension funds hold about 846,000 shares of Humana stock combined.

A Humana spokesman could not immediately be reached for comment.