CalPERS Calls Safeway's Proxy Actions 'Meaningless Reform'.Business Editors SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif.--(BUSINESS WIRE)--April 16, 2004 The final proxy put out by Safeway, Inc. earlier this week had little in it that would result in better long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. performance, the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Public Employees' Retirement System (CalPERS) said today. "Safeway's actions in their proxy fall short of the corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. reforms needed to cure the performance ills of this company," said Rob Feckner, Chair of CalPERS Investment Committee. "Their so-called reforms are meaningless and ring hollow hollow 1. a depression. 2. contains a cavity. hollow back backbone has a downward curvature in the center. hollow horn a mythical disease of cattle in primitive communities; treated by removal of the horns. . True reform would be if Safeway recruited independent directors for their board, implemented the shareholder proposals that have already passed by a majority of shareholders, and if Steven Burd, Robert MacDonnell and William Tauscher were replaced by more effective leaders." CalPERS is the 31st largest shareholder of Safeway, with 2.7 million shares valued at $57 million. CalPERS is the nation's largest public pension fund, with assets of more than $166 billion. The System provides retirement and health benefits to more than 1.4 million state and local public agency employees and their families. For more information on CalPERS, visit www.calpers.ca.gov. |
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