Tag Archives | CalSTRS

Take Action: Join Nader’s Penny Brigade

RalphNaderSome have argued that Ralph Nader started socially responsible shareholder activism with Campaign GM, when the group filed shareholder proposals to expand GM’s board to include consumer advocates and empower shareholders to place their board nominees on GM’s proxy ballot (proxy access).  According to a recent article in the WSJ, the longtime consumer advocate is now putting together a shareholder-activism group. (Ralph Nader Adds Shareholder Activist to His Portfolio, 1/15/2014) Continue Reading →

Continue Reading · 0

Corporate Governance: the Focus for a New Type of Activist Investor

Guest post from Josh Black, Financial Journalist for Activist Insight Ltd., which ”aims to provide the most comprehensive global information source on activist investment.”

ActivistInsightTraditional activists were essentially value investors, but that profile might be changing.

Carl Icahn has long championed the interests of shareholders. Yet even many who had watched him for years were surprised by the vehemence of his Wall Street Journal Op-ed after withdrawing from the shareholder vote on Dell’s leveraged buyout. Continue Reading →

Continue Reading · 0

2013 Millstein Forum: Dual-Class Structures, Pro and Con

Sorry to be late and abbreviated in getting out my coverage of this great forum. Be sure to check out the Forum’s photo gallery, which contains many more and much better shots than what I took between notes and conversations.

The second panel discussed the growing issue of dual-class stock structures. While there was considerable debate, my sense is that most in the room see the advantages of such structures do not outweigh the disadvantages. I would like to see more discussion in the broader press about these issues when dual-class companies are going public. Maybe the discount would be even steeper. Continue Reading →

Continue Reading · 0

Stratasys Ltd $SSYS – Proxy Score 90

SSYSStratasys Ltd $SSYS is one of the stocks in my portfolio. Their annual meeting is coming up on 6/21/2013. ProxyDemocracy.org had collected the votes of three funds when I checked on 5/18/2013.  I voted with management 90% of the time.  View Proxy Statement.

I’m busy on vacation, so have no time to analyze my proxy. Instead, I’m simply trusting that CalSTRS has done their research and I’m voting right down the line with them. Continue Reading →

Continue Reading · 0

Netflix Needs Proxy Access – Proxy Score 10 Out of 100

Netflix, Inc. ($NFLX) is one of the stocks in my portfolio. Their annual meeting is coming up on 6/7/2013. ProxyDemocracy.org had collected the votes of one fund when I checked on 5/25/2013. I voted with management only 10% of the time.  View Proxy Statement. NFLX is another supposedly high-tech company with no hyperlinks in their proxy statement. In fact, they don’t even include an index. They either don’t want investors to be able find information or they just don’t care enough to bother. While the stock has risen recently, the company remains risky because of poor corporate governance. Continue Reading →

Continue Reading · 0

Cognizant Technology Solutions $CTSH – Proxy Score 75

Cognizant Technology Solutions (CTSH) is one of the stocks in my portfolio. Their annual meeting is coming up on 6/4/2013. ProxyDemocracy.org had collected the votes of three funds when I checked on 5/23/2013.  I voted with management 75% of the time.  View Proxy Statement.

 Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor of management’s recommendations. (See Broken Windows & Proxy Vote Rigging – Both Invite More Serious Crime) I generally vote against pay packages where NEOs were paid above median in the previous year but make exceptions if warranted. According to Bebchuk, Lucian A. and Grinstein, Yaniv (The Growth of Executive Pay), aggregate compensation by public companies to NEOs increased from 5 percent of earnings in Continue Reading →

Continue Reading · 0

Tesla Motors $TSLA – Proxy Score 33

Tesla Motors (TSLA) is one of the stocks in my portfolio. Their annual meeting is coming up on 6/4/2013. ProxyDemocracy.org had collected the votes of two funds when I checked on 5/26/2013.  I voted with management 33% of the time.  View Proxy Statement.

 Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor of management’s recommendations. (See Broken Windows & Proxy Vote Rigging – Both Invite More Serious Crime)  I generally vote against pay packages where NEOs were paid above median in the previous year but make exceptions if warranted. According to Bebchuk, Lucian A. and Grinstein, Yaniv (The Growth of Executive Pay), aggregate compensation by public companies to NEOs increased from 5 percent of earnings Continue Reading →

Continue Reading · 0

Ellie Mae Inc $ELLI: Proxy Score 40

Ellie Mae Inc (ELLI) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/29/2013. ProxyDemocracy.org had collected the votes of one fund when I checked on 5/19/2013.  I voted with management 40% of the time.  View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor of management’s recommendations. (See Broken Windows & Proxy Vote Rigging – Both Invite More Serious Crime) Continue Reading →

Continue Reading · 0

American Tower Corp (AMT): Proxy Score 100

American Tower Corp ($AMT) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/21/2013. ProxyDemocracy.org had collected the votes of three funds when I checked on 5/13/2013.  I voted with management 100% of the time.  View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor of management’s recommendations. (See Broken Windows & Proxy Vote Rigging – Both Invite More Serious Crime) Continue Reading →

Continue Reading · 0

3D Systems Corporation (DDD): Proxy Score 90

3D Systems Corporation ($DDD) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/21/2013. ProxyDemocracy.org had collected the votes of two funds when I checked on 5/13/2013.  I voted with management 90% of the time.  View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor of management’s recommendations. (See Broken Windows & Proxy Vote Rigging – Both Invite More Serious Crime) Continue Reading →

Continue Reading · 0

My Notes from Ceres Conference 2013

Let’s just label these notes as “for entertainment purposes only.” Attending the conference was a real pleasure. Unfortunately, I was too busy catching up with people to take more than impressionistic notes at a few of the discussions. Prepare to be frightened about global climate change and our irresponsibly slow pace addressing the catastrophic consequences we are already beginning to see all around us. Save April 30 and May 1 for Ceres Conference 2014 in Boston. Continue Reading →

Continue Reading · 0

How I Voted: ITC Holdings Corp. (ITC) – Proxy Score 50%

ITC Holdings Corp. ($ITC) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/15/2013. ProxyDemocracy.org had collected the votes of two funds when I checked on 5/9/2013.  I voted with management 50% of the time.  View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor of management’s recommendations. (See Broken Windows & Proxy Vote Rigging – Both Invite More Serious Crime) Continue Reading →

Continue Reading · 0

How I Voted: Marriott International Inc (MAR) – Proxy Score 93%

Marriott International Inc ($MAR) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/10/2013. ProxyDemocracy.org had collected the votes of two funds when I checked on 5/3/2013.  I voted with management 93% of the time.  View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor of management’s recommendations. (See Broken Windows & Proxy Vote Rigging – Both Invite More Serious Crime) Continue Reading →

Continue Reading · 0

Video Friday: Milken Institute Discussion on Shareowner Activism

Shareholders are demanding more from managements and boards – not just as overseers, but in an effort to increase the value of the enterprise. Amid the backdrop of record-low interest rates, pent-up M&A demand and stacks of cash on corporate balance sheets, these activists are being backed by new capital. In addition, more companies are working with activist investors to identify opportunities to create and unlock substantial shareholder value. A recent panel at the Milken Institute explored the rise of investor engagement and its impact on all stakeholders. Continue Reading →

Continue Reading · 0

How I Voted: MSCI – Proxy Score 100%

MSCI ($MSCI) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/1/2013. ProxyDemocracy.org had collected the votes of only one fund when I checked on 4/25/2013, so I also took a quick look at OTPP’s vote.  I voted with management 100% of the time.  View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor of management’s recommendations. (See Broken Windows & Proxy Vote Rigging – Both Invite More Serious Crime) Continue Reading →

Continue Reading · 0

How I Voted: Kimberly Clark (KMB) – Score 64%

Kimberly Clark ($KMB) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/2/2013. ProxyDemocracy.org had collected the votes of five funds when I checked on 4/26/2013. I voted with management 64% of the time.  View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor of management’s recommendations. (See Broken Windows & Proxy Vote Rigging – Both Invite More Serious Crime) Continue Reading →

Continue Reading · 0

How I Voted: Canadian National Railway (CNI) – Proxy Score 13%

Canadian National Railway ($CNI) is one of the stocks in my portfolio. Their annual meeting is coming up on 4/23/2013. ProxyDemocracy.org had collected the votes of three funds when I checked on 4/21/2013.  I voted with management 13% of the time.  View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank will be voted in favor of management’s recommendations. (See Broken Windows & Proxy Vote Rigging – Both Invite More Serious Crime) Continue Reading →

Continue Reading · 0

Guns and Divestment

The California Constitution provides that the Legislature may, by statute, prohibit retirement board investments if in the public interest and providing the prohibition satisfies specified fiduciary standards. Current law prohibits the boards of CalPERS and CalSTRS from investing public employee retirement funds in a company with active business operations in Sudan and Iran, as specified.

AB 761 (Dickinson) would prohibit the funds from investing in companies which manufacture nonmilitary firearms or ammunition, as specified, and would require the funds to sell such existing investments. Continue Reading →

Continue Reading · 0

SVDX/Stanford Rock: Two Classes of Common Stock: Qui Bono?

In light of the IPOs and subsequent performances of Facebook, Groupon, Zynga, etc., there has been renewed discussion in Silicon Valley. When two classes of common stock that place control of the board in the hands of the founders and not the investors, do investors benefit or does it just entrench management? One argument in favor of two classes of common stock is that it allows the founders to run the company without interference from activist shareholders who are “short-termers.” One argument against is that a founder who is a poor CEO cannot be removed by the board — and hiring and firing the CEO is the raison d’etre of a corporate board. SVDX‘s panel of seasoned experts hold divergent views on this topic. This program, like all SVDX programs, was subject to the Chatham House Rule. I’ve added a few links that might be helpful. Continue Reading →

Continue Reading · 0

Substantial Votes for Better Governance at Disney (DIS)

Yesterday, CalSTRS issued the following statement regarding its votes at the Walt Disney Company Annual Shareholder Meeting in Phoenix, Ariz. This statement is attributable to CalSTRS Director of Corporate Governance, Anne Sheehan.

CalSTRS, holder of more than five million shares of The Walt Disney Company stock, congratulates Disney on its most recent stock performance under the leadership of CEO Bob Iger. Disney has been an economic engine for California for decades and the legacy continues. As a shareholder, CalSTRS has benefitted from this performance. However, we see troubling governance structures emerging at Disney, which fail to protect the investment of our beneficiaries and ensure the company’s continued long-term success. Continue Reading →

Continue Reading · 0

Walt Disney (DIS): How I Voted – Proxy Score 17

The Walt Disney Company ($DIS) is one of the stocks in my portfolio. Their annual meeting is coming up on 3/06/2013. ProxyDemocracy.org had collected the votes of four funds when I checked on 2/26/2012. I added CalSTRS below, which announced their votes earlier.  I voted with management 17% of the time.  View Proxy Statement.

Warning: Be sure to vote each item on the proxy. Any items left blank will be voted in favor of management’s recommendations. (See Don’t Let Companies Change Shareholders’ Blank Votes) Continue Reading →

Continue Reading · 0

CalSTRS Furthers ShareOwner Revolution With Announcement of Disney Vote

CalSTRS announced its vote at the March 6, 2013, Walt Disney Company annual shareholder meeting. CalSTRS voted against several directors and management proposals, and voted for shareholder proposals to allow proxy access and separate the CEO and chairman positions. What is significant about the announcement is that it went over each director candidate and issue on the ballot and not only disclosed how CalSTRS voted but why. Here’s the thrust of their press release. Continue Reading →

Continue Reading · 0

Costco: How I Voted – Proxy Score 25%

Costco ($COST) is one of the stocks in my portfolio. Their annual meeting is coming up on 1/24/2013. ProxyDemocracy.org had collected the votes of four funds when I voted on 1/22/2012.  I voted with management only 25% of the time.  View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank will be voted in favor of management’s recommendations. (See Don’t Let Companies Change Shareholders’ Blank Votes) Continue Reading →

Continue Reading · 0

Walgreens (WAG): How I Voted – Proxy Score 24

Walgreens ($WAG) is one of the stocks in my portfolio. Their annual meeting is coming up on 1/9/2013. ProxyDemocracy.org had collected the votes of four funds when I voted on 1/1/2012.  I voted with management only 24% of the time.  View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank will be voted in favor of management’s recommendations. (See Don’t Let Companies Change Shareholders’ Blank Votes)

I generally vote against pay packages where NEOs were paid above median in the previous year but make exceptions where Continue Reading →

Continue Reading · 0

ISS Should Reconsider Their Analysis of H&R Block Proxy Access Proposal

The influential proxy analyst, Institutional Shareholder Services (ISS), recommends voting against Kenneth Steiner’s proxy access proposal at H&R Block (HRB) on 9/13 because it “could undermine the efforts of larger, long-term shareholders whose interests might better reflect those of the broader shareholder base.” Their logic appears flawed. Larger, longer-term shareowners would gain rights, not lose them, under the proposal. CBIS changed their vote after reading this post and talking to me (see ProxyDemocracy.org). Will your fund do the same? Continue Reading →

Continue Reading · 0

Job Opportunities: Entry Level at CalPERS – Investment Officers at CalSTRS

CalPERS seeks a Staff Services Analyst to work under the general direction of the Staff Services Manager II of the Investment Policy & Business Services Division. The Staff Services Analyst assigned to the position identified above demonstrates the CalPERS Core Values (Quality, Respect, Integrity, Openness, Accountability, and Balance), works well as a member of a team, and takes initiative in effectively Continue Reading →

Continue Reading ·

Corporate Directors Forum 2012 – Part 1: Shareholder Hot Topics

These are some relatively quick notes that I’m sharing from the Corporate Directors Forum 2012, held on the beautiful campus of the University of San Diego, January 22-24, 2012. Since I am busy with no-action requests this proxy season (especially proxy access proposals), this post may be a cryptic… not complete sentences bt hopefully mor intelligible thN txt msgN. Continue Reading →

Continue Reading ·

15th Proxy Access Proposal of Season Filed at Nabors

Bermuda-based energy-drilling contractor Nabors Industries Ltd., already being sued by shareowners over executive pay issues now faces a proxy access proposal filed by CalSTRS and nine public pension funds from Connecticut, Illinois, New York and North Carolina. The company’s stock has lost about a quarter of its value this year. According to New York City Comptroller John C. Liu, who submitted the proposal on behalf of the City’s five pension funds,

Expropriating the corporate treasury to fund egregious CEO pay packages at the shareholder’s expense is both a symptom and a consequence of Nabors’ entrenched board. The only way to fix a recalcitrant board is to enable shareholders to elect directors other than those nominated by that same board.

According to a press release from CalSTRS, the funds are part of a larger group of 11 public funds that called upon the Nabors’ board in a September 29 letter (PDF; 61KB) to Continue Reading →

Continue Reading ·

Powered by WordPress. Designed by Woo Themes