CalPERS supported 92% of management proposals at 1,442 company meetings in the first quarter of 2014. In total, the fund voted on 10,637 management proposals during the quarter. Its 92% support rate was up from 88% in the fourth quarter of 2013.
Among the examples of “for” votes the pension fund highlights in its latest global governance review are: eliminating the use of supermajority vote requirements at Piedmont Natural Gas Co.; election of directors at Deere & Co.; elimination of a classified board structure at Air Products & Chemicals Inc.; and the issuance of preferred stock at Post Holdings Inc.
“Against” votes included: reincorporation to Georgia from Ohio at GenCorp Inc.; election of certain directors at Hewlett-Packard Co.; adoption of supermajority vote requirements at Clifton Savings Bancorp Inc.; and the adoption of a poison pill at Luby’s Inc.