CalPERS will withhold votes for seven of the eight directors up for election to Apple’s board, including CEO Steven P. Jobs, former Vice President Albert A. Gore Jr. and Eric E. Schmidt, Google chairman and CEO.
The $171.3 billion system opposes the directors’ election “for failing to implement a majority-passed shareowner proposal allowing for an advisory vote on executive compensation,” according to a statement from the California Public Employees’ Retirement System, Sacramento. The proposal received 51% of the vote last year.
CalPERS is voting in favor of a similar proposal sponsored by the $860 million American Federation of State, County and Municipal Employees Pension Plan, Washington, the statement said.
CalPERS owns 3 million Apple shares. Apple’s annual meeting is Feb. 25.
