CalPERS and the Florida State Board of Administration are opposing BP PLC’s performance accounts and reports, and the re-election of some directors to its board, according to proxy-voting disclosures by the two funds.
“CalPERS is concerned with the absence of information related to key performance indicators and re-evaluation of the board’s role in oversight of risk management,” the $234.7 billion California Public Employees’ Retirement System, Sacramento, said in a statement.
CalPERS and the $156.8 billion Tallahassee-based FSBA also oppose the re-election of Sir William Castell as director.
“CalPERS is voting against director nominee Sir William Castell in consideration of his role as chair of the safety, ethics and environmental assurance committee in the period running up to” BP’s oil-rig disaster in the Gulf of Mexico last year, the statement said.
FSBA also opposes the re-election of directors Antony Burgmans, Cynthia Carroll and George David.
Both funds oppose a BP proposal allowing the company to call a general meeting with a 14-day notice, instead of the current 21 days. The shorter period “may not provide shareholders with sufficient time to make informed voting decisions,” the CalPERS statement said.
Both funds, in their voting, support BP’s executive compensation and a BP proposal to authorize the company to make political donations and expenditures.
ISS Governance, a firm that provides corporate governance research and proxy voting services, recommends supporting BP on its performance accounts and reports, authorizing political donations and a 14-day notice for a meeting. But ISS recommends abstaining on BP’s executive compensation and on the re-election of Mr. Castell.
BP’s annual meeting is Thursday in London.