Corporate governance news: CalSTRS improves proxy vote transparency.Byline: news@cpifinancial.net (Staff Writer) The California State Teachers' Retirement System (CalSTRS) has announced its most comprehensive, transparent disclosure of proxy votes Proxy vote Vote cast by one person or entity on behalf of another. ever. "The degree and convenience of disclosure this effort offers is unique among institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. ," the state pension fund said. Using online postings, CalSTRS will make its votes known before the annual meetings of its more than 3,800 holdings in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . CalSTRS now makes its individual proxy votes publicly available online through a partnership with ProxyDemocracy. Additionally, CalSTRS is offering Broadridge Financial Solutions Broadridge Financial Solutions, Inc., (NYSE: BR) formerly ADP Brokerage Services Group, with nearly $2.0 billion in revenues and more than 40 years of experience, is a leading global provider of technology-based outsourcing solutions to the financial services industry. . ProxyEdge subscribers access to all its proxy votes online. Last year CalSTRS cast more than 47,000 individual proxy votes. "CalSTRS has called for greater transparency from its portfolio companies and we intend to lead the way with comprehensive disclosure of our votes," said Anne Sheehan, CalSTRS director of 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. . "Information is vital for shareholders to make informed decisions about the companies they own and CalSTRS intends to let fellow shareholders, as well as management, know how we intend to vote." Like other large pension plans such as CalPERS and the Florida State Board of Administration, CalSTRS has, for years, announced its proxy-vote intentions on selective companies. The addition of online disclosure opens the process to all CalSTRS portfolio companies, allowing other shareholders to know how the pension fund will vote. "Announcing our votes in advance will open the door to engagement with more of our companies. This discussion will bear fruit in better corporate governance practices," Sheehan said. Apart from posting upcoming votes, CalSTRS will archive its votes starting from 2007 on ProxyDemocracy. ProxyDemocracy is a nonprofit organisation that offers free online investor information about portfolio companies, their annual meetings and proxy ballots. Broadridge Financial Solutions is a provider of technology-based outsourcing solutions to the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry. The California State Teachers' Retirement System, with a $117.4 billion portfolio, is the second largest public pension fund in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . It administers retirement, disability and survivor benefits for California's 833,000 public school educators and their families from the state's 1,400 school districts, county offices of education and community college districts. 2009 CPI (1) (Characters Per Inch) The measurement of the density of characters per inch on tape or paper. A printer's CPI button switches character pitch. (2) (Counts Per I Financial. All rights reserved. Provided by Syndigate.info an Albawaba.com company |
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