Ingersoll-Rand Co. shareholders today voted 81% in favor of a CalPERS-sponsored proposal to elect directors annually instead of in staggered three-year terms. A spokeswoman for the company said the board's corporate governance and nominating committees will review the board's structure in light of the majority vote in favor of a declassified board.
The $157 billion California Public Employees' Retirement System, Sacramento, has 757,509 shares of the company.
Separately, shareholders defeated by 89% a proposal, sponsored the $600 million American Federation of State, County and Municipal Employees Pension Fund, calling for reincorporating the Hamilton, Bermuda-based company in the United States. Another shareholder proposal, calling for the separation of the company's chairman and CEO positions, lost by 85%.