California Public Employees' Retirement System voted in favor of 49% of the 359 shareholder proposals that came up during the fund's 1995-'96 fiscal year, a staff report said. The report said its most significant negative proxy votes internationally were against ratification of the actions of the Daimler-Benz management and supervisory boards and the withholding of a vote for the re-election of directors of Sumitomo Corp.
In Daimler-Benz, CalPERS wanted to express dissatisfaction with the ``dismal management'' of the company, which suffered a loss of $4 billion over a 10-year period. In Sumitomo, the $100 billion fund was unhappy with Sumitomo's controls over its international copper trading desk, which incurred $2 billion in losses, the report said.
CalPERS voted in favor of 75% of the 2,942 domestic management proposals. One significant negative vote involved AT&T's compensation committee; CalPERS called ``extraordinary'' the compensation awarded to CEO Robert Allen, at a time of substantial layoffs and mediocre corporate performance.