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CalPERS’ recently presented this “Proxy Voting & Corporate Engagements
CalPERS’ recently presented this “Proxy Voting & Corporate Engagements
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Say-on-Pay: CalPERS’ Eye-Popping Trend Line

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April 26, 2021 |

Thanks to Liz Dunshee

CalPERS’ recently presented this “Proxy Voting & Corporate Engagements Update” to its Investment Committee.
Page 5 contains an eye-popping trend line for the pension fund’s opposition to say-on-pay votes.
Back in 2013, CalPERS voted down 9% of executive pay plans.
The last two years, that number has been over 50%.
Comp Committee members are now also facing real-time consequences from that opposition.
Last year, CalPERS voted “against” 3402 directors last year at 1267 companies – a significant increase from the tally of 2716 that I blogged about last summer.
Last year was the first year the pension fund applied its policy to vote against comp committee members in the same year as voting against say-on-pay.
CalPERS also says that it wrote to all of those companies to discuss the negative vote.
Only 35% responded.
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