CalSTRS and the Illinois State Board of Investment plan to vote against electing some directors to the board of Franklin Resources Inc., joining other pension funds opposing election of some of the directors.
The $176.2 billion California State Teachers' Retirement System, West Sacramento, is voting against Samuel H. Armacost and Anne M. Tatlock for nominating too few members to key committees of the board, according to its proxy-voting disclosure.
The $14 billion Chicago-based Illinois State Board is voting against Charles E. Johnson, Gregory E. Johnson, Rupert H. Johnson Jr., Chutta Ratnathicam and Ms. Tatlock, said William R. Atwood, ISBI executive director.
In addition, CalSTRS plans to vote against a shareholder proposal calling for the company's investment management units to avoid investing in companies that contribute to genocide or crimes against humanity, while ISBI is voting in favor of the proposal.
On other proposals, CalSTRS is voting for retention of the PricewaterhouseCoopers as auditor and voting to support the executive incentive compensation plan, while ISBI is voting against both proposals.
CalSTRS owns 1.4 million Franklin Resources shares, valued at $79.1 million as of March 10.
ISBI owns 20,895 shares.
Franklin Resources' annual meeting is Wednesday.
