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.