Pension funds have lined up in support of a proxy-access proposal filed by the New York City Retirement Systems at Chevron Corp., according to their proxy-voting disclosures.
The $308.1 billion California Public Employees’ Retirement System, Sacramento, joined the five New York City funds, representing $163.4 billion, in soliciting shareholders to vote in favor of the proposal to enable shareholders to use corporate proxy materials to nominate directors to the company’s board, according to a joint filing by the two pension funds with the Securities and Exchange Commission.
The C$264.6 billion ($220.3 billion) Canada Pension Plan Investment Board, Toronto, $185.1 billion Florida State Board of Administration, Tallahassee, and the C$154.4 billion Ontario Teachers’ Pension Plan, Toronto, also plan to vote in support of the proposal.
On other shareholder proposals, the CPPIB, FSBA, New York City Retirement Systems and OTPP oppose a proposal calling for Chevron to increase dividends to return capital to shareholders in light of the growing potential for stranded carbon-based assets and decreasing profitability. The four support proposals calling for an independent chairman and enabling shareholders to call a special meeting.
The four oppose proposals calling for disclosure of charitable contributions and prohibition of political spending.
The New York pension funds and the CPPIB plan to support two separate environmental-related proposals, one calling for adoption of targets for reducing greenhouse gas emissions and the other calling for a report on the impact of the company’s hydraulic fracturing. The FSBA and OTPP oppose both proposals.
The CPPIB, FSBA and New York pension funds support a proposal calling for disclosure of lobbying spending, while the OTPP opposes it.
The CPPIB and New York funds support a proposal calling for Chevron to nominate at least one candidate to the board with high-level environmental expertise. The FSBA and OTPP oppose the proposal.
The New York funds oppose ratification of the executive compensation of Chevron’s top executives, including John S. Watson, chairman and CEO, whose total compensation in 2014 was $25.9 million, an 8.1% increase from 2013, according to Chevron’s proxy statement. The CPPIB, FSBA and OTPP support ratification of the pay packages.
A spokesman in the office of Scott M. Stringer, New York City comptroller who oversees the New York City pension funds, provided their proxy voting plans.
CalPERS media representatives couldn’t be reached for comment on how the pension fund plans to vote on the Chevron proxy proposals aside from the one on proxy access.
The Chevron annual meeting is Wednesday.