CalSTRS became a lead investor in a new energy productivity index aimed at migrating carbon pollution called the Energy Productivity Index for Companies, spokesman Ricardo Duran said.
Mr. Duran said he was not able to provide information immediately on the size of the investment.
The project will establish the first global energy productivity benchmark for listed industrial companies, a CalSTRS news release said. It is a partnership between CalSTRS, ClimateWorks Australia and the U.S.-based ClimateWorks Foundation.
The index will be sold to institutional investors.
“Improving energy productivity is a business tactic with growing importance,” said Brian Rice, corporate governance portfolio manager, in the news release.
“It is associated with mitigating carbon pollution — which in turn reduces business risk,” Mr. Rice said. “The project will demonstrate the process investors need to implement to identify and engage with companies and succeed in improving energy productivity performance.”
The $184 billion California State Teachers’ Retirement System, West Sacramento, also reported on Tuesday in a review of corporate governance actions that it supported 83 of the 87 proxy-access proposals it voted on this year because they were modeled after the Securities and Exchange Commission’s three-and-three rule, which aligns with CalSTRS’ corporate governance principles.
The rule refers to the SEC threshold in which a shareholder or group of shareholders that owns at least 3% of outstanding shares for at least three years should have the right to nominate directors to the company.
Anne Sheehan, director of corporate governance, said in a separate news release that 49 of the 83 proxy-access proposals garnered more than 50% shareholder support.
“As long-term investors, we believe the right to nominate director candidates to the proxy is a fundamental shareholder right that should be in place at all companies,” Ms. Sheehan said.
Proxy access made up 28% of the governance proposals this year, compared to 6% in 2013 and 2014.
