CalSTRS will support a nonbinding shareholder resolution at Tyco International Ltd.s March 6 annual meeting, seeking to reincorporate the company to Delaware from Bermuda. The $92 billion California State Teachers Retirement System, Sacramento, owns 807,649 shares of Tyco. The resolution is sponsored by the $600 million American Federation of State, County & Municipal Employees pension fund, Washington.
Jack Ehnes, CalSTRS CEO, said in an upcoming commentary to be published in Pensions & Investments March 3 that "investments in foreign-based American corporations are best protected by relocating those companies back on American soil.
Separately, Institutional Shareholder Services said it will recommend that its clients support the Tyco reincorporation resolution.