The SEC should delay action on its pending proxy access proposals until all five commissioners are in place to develop a rule that would strengthen shareholder rights, representatives from major U.S. and U.K. pension funds said at a teleconference today.
We are urging Chairman (Christopher) Cox not to move forward on the proposals on proxy access to nominate directors, Jack Ehnes, CEO of the $176 billion California State Teachers Retirement System, Sacramento, said at the teleconference. We are asking the commission to stop and listen to the worlds shareholders, who are calling for access.
Fred Buenrostro, CEO of the $256.5 billion California Public Employees Retirement System, Sacramento, said at the teleconference that an issue of this importance should not be decided by a split vote. The proposals would set back shareholder rights, he said.
The two California funds plus the $41 billion Colorado Public Employees' Retirement Association, Denver, and the Council of Institutional Investors sent separate letters to SEC commissioners asking the SEC to delay action and come up with a proposal to enhance shareholder access. A similar letter was sent jointly by the five New York City pension funds, whose combined assets total $115 billion.
The SEC hasnt scheduled a meeting, said John Heine, spokesman.