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"The California Public Employees' Retirement System, also known as CalPERS, said Monday its proposal will allow shareholders who own at least 3% of the company’s stock for more than two years to nominate two directors."
The California Public Employees Retirement System (CalPERS) said it plans to
vote its shares for the Shamrock Activist Value Fund, L.P. nominees and shareholder proposals. Since announcing its nomination of three candidates to the Texas Industries Board of Directors and its three corporate governance shareholder proposals, Shamrock Activist Value Fund, L.P. has gained the public support of two of the company`s largest shareholders. Southeastern Asset Management, Inc., which holds more than 9% of the outstanding shares of Texas Industries common stock, publicly announced on Sept. 1, 2009 that it will vote for all three Shamrock Activist Value Fund, L.P. nominees and all three of its shareholder proposals.
Citing "excessive" executive compensation, the nation's largest public pension fund said Monday it would fight the proposed merger ofWellPoint Health Networks and Anthem Inc. that would create the nation's largest health maintenance organization. CalPERS directors also called on Gov. Arnold Schwarzenegger through his Department of Managed Health Care to hold a public hearing on the merger and impose its authority to prohibit improper spending on administrative costs such as executive compensation.
CalPERS apparently liked the fact that Apple's proposal called for the majority election of all directors, in addition to the elimination of what CalPERS termed the "blank check" preferred stock.
Any Tom, Dick and Harry can submit an investment proposal to CALPERS