AOL Time Warner Inc. shareholders today voted 96% to ratify the appointment of Ernst & Young as auditor, despite opposition from the California Public Employees Retirement System, Sacramento, which voted its 20.3 million shares against ratification. CalPERS objected to potential conflicts of interest because of non-audit work performed by Ernst & Young for the company.
The $131 billion pension plan also withheld its votes for five of the 13 directors because of potential conflicts. All were elected.
Shareholder proposals on business practices in China and reporting about pay disparity were defeated with less than 7% of the vote. CalPERS supported both proposals. Exact vote counts were unavailable for the two proposals.