Issues Update
CalPERS Endorses Investors’ Appeal for Shareowner ‘Say on Pay’
January 28, 2010
Continuing its long-standing policy of encouraging good corporate governance, CalPERS has joined 26 other pension fund directors and elected officials in urging 17 of the nation’s largest financial services companies to voluntarily enact shareholder advisory votes on executive compensation.
Known as “Say on Pay,” this advisory vote allows investors to directly address the issue of executive compensation. Some major financial service companies, including Goldman Sachs’, State Street, and Bank of New York Mellon, have already adopted “Say on Pay.”
The letter signed by CalPERS was sent to JPMorgan Chase, Morgan Stanley, Bank of America, Citigroup, Wells Fargo, U.S. Bancorp, Waddell & Reed, Northern Trust, BB&T, Capital One Financial, American Express, PNC Financial Services, SunTrust, Fifth Third Bancorp, Comerica, KeyCorp, and Regions Financial.
In addition to CalPERS CIO Joe Dear, other signers included: Connecticut Deputy Treasurer Howard Rifkin; TIAA-Cref Director of Corporate Goverance John Wilson; and CalSTRS Director of Corporate Governance Anne Sheehan.
View the letter that was sent to these companies.
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