CalPERS filed a shareholder proposal with the SEC calling for Gateway Inc. to declassify its board of directors, said a spokesman at the $150 billion California Public Employees Retirement System, Sacramento. "A classified board can prevent shareholders from mounting a successful opposition to the entire board, because only one-third of the directors are up for election in any given year, the proposal states. "By way of contrast, a declassified board would stand for election in its entirety every year.
CalPERS owns 1,163,490 of some 324 million Gateway shares outstanding.
Gateway executives couldnt be reached for comment by press time.