Florida State Board of Administration, Tallahassee, voted against corporate management recommendations in 31.1% of the proxy votes it cast in the 12 months ended June 30, up three percentage points from the previous year, according to a statement from the $128.6 billion system.
In elections of directors to corporate boards during the year, the FSBA opposed 29% of the candidates primarily because of concerns about independence, attendance or overall board performance, the statement said.
On executive compensation, the FSBA supported 26% of all equity compensation proposals; 99% of shareowner resolutions asking companies to adopt an annual shareholder advisory vote on executive compensation; 50% of executive incentive bonus plans; and 28% of management proposals to adopt restricted stock plans in which company executives or directors would participate.
FSBA supported 62% of shareowner resolutions asking companies to publish sustainability reports; 32% of proposals dealing with climate change and global warming; 100% of resolutions asking companies to produce reports assessing the impact on local communities; and 74% of resolutions regarding greenhouse gas emissions.
In all, the system cast proxy votes at 3,383 public companies, covering some 29,000 individual voting items, during the year.