Pearson PLC shareholders, including big pension funds, on Friday voted by 97.6% to reject a shareholder resolution filed by the Chicago Public School Teachers’ Pension & Retirement Fund and London-based public service union UNISON’s staff pension fund, calling for the publishing and education company to end its kindergarten-to-grade-12 testing and involvement in private school development.
The $293.6 billion California Public Employees’ Retirement System, Sacramento; C$282.6 billion ($217.7 billion) Canada Pension Plan Investment Board, Toronto; $178.7 billion California State Teachers’ Retirement System, West Sacramento; $175 billion Florida State Board of Administration, Tallahassee, C$171.4 billion Ontario Teachers’ Pension Plan, Toronto; and $126.6 billion Texas Teacher Retirement System, Austin; voted against the proposal, according to their proxy voting disclosures.
“Many of the claims that are being put forward during this process are incorrect,” said a Pearson statement in advance of the voting.
“Pearson’s approach to education commercialization could jeopardize future growth products,” Jay C. Rehak, president of the board of trustees of the $9.8 billion Chicago teachers pension fund, said earlier this month in urging shareholders to support the proposal.
Laura Howe, Pearson vice president, media and communities, provided the voting results.
