"Proposals sponsored by CalPERS"
Published by Andy Eggers on April 02, 2008. Viewed 231 times
CalPERS files shareowner resolutions at companies that 1) have poor financial performance, 2) have weak corporate governance practices, and 3) fail to respond to other attempts at engagement. Their proposals generally receive a high degree of support due to CalPERS's reputation and its focus on widely accepted principles of corporate governance.
The following funds voted on at least three of these proposals, and are scored according to their level of agreement with the creator of this list.
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Featured Proposals
There are 13 proposals in this Focus List. "Takeover Defenses" is the most common proposal category in this list.
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DOLLAR TREE STORES, INC., Jun 21, 2007
Andy Eggers's remarks on this proposal:
From CalPERS's site: "This shareholder proposal requests that the Company take all steps necessary to remove the supermajority vote requirements in the Company's articles of incorporation and bylaws, including, but not limited to, the supermajority vote requirements necessary to declassify the board, remove a director for cause or allow shareholders to call a special meeting." 77.5% support overall.
6 Voters agreeing
Schwab 1000 Index Fund, Calvert Social Index Fund, Vanguard Total Stock Market Index, Vanguard Windsor II, TIAA-CREF Equity Index Fund, CalPERS
0 Voters disagreeing
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KELLWOOD CO., Jun 07, 2007
Andy Eggers's remarks on this proposal:
Annual election of directors (instead of staggered of classified board). 89% support.
6 Voters agreeing
Schwab Hedged Equity Fund, Vanguard Total Stock Market Index, TIAA-CREF Equity Index Fund, TIAA-CREF Social Choice Equity Fund, CBIS, CalPERS
0 Voters disagreeing
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UNITEDHEALTH GROUP INCORPORATED, May 29, 2007
Andy Eggers's remarks on this proposal:
Sought to allow large shareholders to nominate directors to the board of directors (ie proxy access). 45.25% support.
18 Voters agreeing
T Rowe Price Growth Stock Fund, T Rowe Price Blue Chip Growth Fund, T Rowe Price Equity Index 500 Fund, Schwab 1000 Index Fund, Schwab Capital Trust S&P 500 Index Fund, Wells Fargo Advantage Equity Index, Legg Mason Partners S&P 500 Index Fund, DWS Dreman High Return Equity Fund, DWS Growth & Income Fund, DWS Equity 500 Index Fund, Evergreen Equity Index, MMA Praxis Core Stock Fund, Fidelity Spartan 500 Index, TIAA-CREF Equity Index Fund, CBIS, CalPERS, Barclays Global Investors S&P 500, Nationwide S&P 500 Index
20 Voters disagreeing
Federated American Leaders, Federated Max-Cap Index Fund, Dreyfus Appreciation Fund, Dreyfus S&P 500 Index Fund, Legg Mason Partners Aggressive Growth, Legg Mason Partners Appreciation Fund, MFS Total Return Fund, MFS Value Fund, American Century Ultra, American Century Growth, Morgan Stanley Dividend Growth Securities, Morgan Stanley S&P 500 Index, RiverSource S&P 500 Index Fund, Vanguard 500 Index, Vanguard Total Stock Market Index, Vanguard Windsor II, Fidelity Contrafund, Fidelity Magellan, Growth Fund of America, USAA S&P 500 Index Fund
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LEVEL 3 COMMUNICATIONS, INC., May 24, 2007
Andy Eggers's remarks on this proposal:
Trying to remove supermajority vote requirement. 58.22% support.
9 Voters agreeing
Schwab 1000 Index Fund, Janus Fund, Vanguard Total Stock Market Index, Fidelity New Millennium, TIAA-CREF Equity Index Fund, TIAA-CREF Social Choice Equity Fund, CBIS, CalPERS, Growth Fund of America
0 Voters disagreeing
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ELI LILLY AND CO., Apr 16, 2007
Andy Eggers's remarks on this proposal:
Encouraging company to allow a majority vote to amend bylaws. Got 49% support overall.
31 Voters agreeing
T Rowe Price Equity Income Fund, T Rowe Price Growth Stock Fund, T Rowe Price Blue Chip Growth Fund, T Rowe Price Equity Index 500 Fund, Schwab 1000 Index Fund, Schwab Capital Trust S&P 500 Index Fund, Dreyfus S&P 500 Index Fund, Wells Fargo Advantage Equity Index, Legg Mason Partners Appreciation Fund, Legg Mason Partners S&P 500 Index Fund, DWS Dreman High Return Equity Fund, DWS Growth & Income Fund, DWS Equity 500 Index Fund, Evergreen Equity Index, MFS Total Return Fund, MFS Value Fund, Van Kampen Comstock, Morgan Stanley S&P 500 Index, RiverSource Diversified Equity Income Fund, RiverSource S&P 500 Index Fund, Vanguard 500 Index, Vanguard Total Stock Market Index, Vanguard Windsor II, Vanguard Wellington, Fidelity Spartan 500 Index, TIAA-CREF Equity Index Fund, CBIS, CalPERS, Blackrock S&P 500 Index, Growth Fund of America, Nationwide S&P 500 Index
3 Voters disagreeing
Federated Max-Cap Index Fund, Barclays Global Investors S&P 500, USAA S&P 500 Index Fund
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SHAW GROUP INC., THE, Jan 30, 2007
Andy Eggers's remarks on this proposal:
Proposal to require shareholder approval for severance agreements larger than a certain multiple of the executive's base salary. CalPERS says 75% support required to pass; received 65% support.
6 Voters agreeing
Schwab 1000 Index Fund, Vanguard Total Stock Market Index, Fidelity New Millennium, TIAA-CREF Equity Index Fund, CBIS, CalPERS
0 Voters disagreeing
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CARDINAL HEALTH, INC., Nov 08, 2006
Andy Eggers's remarks on this proposal:
Would require shareholder approval for severance packages above a certain multiple of executive salary. 59% support overall.
25 Voters agreeing
T Rowe Price Blue Chip Growth Fund, T Rowe Price Equity Index 500 Fund, Schwab 1000 Index Fund, Schwab Capital Trust S&P 500 Index Fund, Federated American Leaders, Federated Max-Cap Index Fund, Dreyfus S&P 500 Index Fund, Legg Mason Partners S&P 500 Index Fund, DWS Equity 500 Index Fund, Evergreen Equity Index, Van Kampen Comstock, Janus Fund, Morgan Stanley S&P 500 Index, Calvert Social Investment Fund, Calvert Social Index Fund, MMA Praxis Core Stock Fund, Vanguard 500 Index, Vanguard Total Stock Market Index, Vanguard Windsor II, Fidelity Spartan 500 Index, TIAA-CREF Growth & Income Fund, TIAA-CREF Equity Index Fund, Dodge & Cox Stock Fund, Barclays Global Investors S&P 500, USAA S&P 500 Index Fund
4 Voters disagreeing
RiverSource Diversified Equity Income Fund, RiverSource S&P 500 Index Fund, Blackrock S&P 500 Index, Growth Fund of America
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SOVEREIGN BANCORP, INC., Sep 20, 2006
Andy Eggers's remarks on this proposal:
Annual election of directors. 44.5% support.
17 Voters agreeing
Franklin Mutual Shares Fund, Franklin Mutual Beacon Fund, Schwab Capital Trust S&P 500 Index Fund, Legg Mason Partners S&P 500 Index Fund, DWS Dreman High Return Equity Fund, DWS Equity 500 Index Fund, RiverSource S&P 500 Index Fund, Calvert Social Index Fund, Vanguard 500 Index, Vanguard Total Stock Market Index, Fidelity Spartan 500 Index, TIAA-CREF Equity Index Fund, TIAA-CREF Social Choice Equity Fund, Blackrock S&P 500 Index, Barclays Global Investors S&P 500, USAA S&P 500 Index Fund, Nationwide S&P 500 Index
4 Voters disagreeing
Schwab 1000 Index Fund, Federated Max-Cap Index Fund, Morgan Stanley S&P 500 Index, Domini Social Equity Fund
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MELLON FINANCIAL CORP., Apr 18, 2006
Andy Eggers's remarks on this proposal:
Would eliminate the supermajority vote requirement to amend company rules. 73.5% support.
27 Voters agreeing
T Rowe Price Equity Income Fund, T Rowe Price Blue Chip Growth Fund, T Rowe Price Equity Index 500 Fund, Schwab 1000 Index Fund, Schwab Capital Trust S&P 500 Index Fund, Schwab Hedged Equity Fund, Dreyfus S&P 500 Index Fund, Wells Fargo Advantage Equity Index, Wells Fargo Advantage Dow Jones Target 2040, DWS Equity 500 Index Fund, Evergreen Equity Index, MFS Total Return Fund, MFS Value Fund, Morgan Stanley Dividend Growth Securities, Morgan Stanley S&P 500 Index, RiverSource Diversified Equity Income Fund, RiverSource S&P 500 Index Fund, Calvert Social Index Fund, Domini Social Equity Fund, Vanguard 500 Index, Vanguard Total Stock Market Index, Fidelity Spartan 500 Index, TIAA-CREF Equity Index Fund, TIAA-CREF Social Choice Equity Fund, Blackrock S&P 500 Index, USAA S&P 500 Index Fund, Nationwide S&P 500 Index
1 Voter disagreeing
Federated Max-Cap Index Fund
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BROCADE COMMUNICATIONS SYSTEMS, Apr 17, 2006
Andy Eggers's remarks on this proposal:
Would remove supermajority vote requirement. 91.6% support overall.
4 Voters agreeing
Wells Fargo Advantage Dow Jones Target 2040, Vanguard Total Stock Market Index, TIAA-CREF Equity Index Fund, TIAA-CREF Social Choice Equity Fund
0 Voters disagreeing
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AT&T CORP., Jun 30, 2005
Andy Eggers's remarks on this proposal:
From CalPERS website: "Amend the Company's bylaws, to require
that the Board of Directors ("Board") (1) limit Severance Agreements to instances where a senior executive officer ("Officer") is actually terminated and (2) seek shareholder ratification of any Severance Agreement with any Officer that provides Severance Benefits with a total present value exceeding 2.99 times the sum of the Officer's base salary plus target bonus." 66.5% percent support overall.
17 Voters agreeing
Franklin Income Fund, T Rowe Price Equity Income Fund, T Rowe Price Equity Index 500 Fund, Schwab 1000 Index Fund, Schwab Capital Trust S&P 500 Index Fund, Schwab Capital Trust Core Equity Fund, Dreyfus S&P 500 Index Fund, Legg Mason Partners S&P 500 Index Fund, Evergreen Large Cap Equity, American Century Income & Growth, Morgan Stanley S&P 500 Index, Domini Social Equity Fund, Vanguard 500 Index, Vanguard Total Stock Market Index, Vanguard Windsor II, Fidelity Spartan 500 Index, USAA S&P 500 Index Fund
2 Voters disagreeing
Blackrock S&P 500 Index, Nationwide S&P 500 Index
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WEYERHAEUSER CO., Apr 21, 2005
Andy Eggers's remarks on this proposal:
Would introduce annual election of directors.
26 Voters agreeing
T Rowe Price Equity Index 500 Fund, Schwab 1000 Index Fund, Schwab Capital Trust S&P 500 Index Fund, Schwab Capital Trust Core Equity Fund, Schwab Hedged Equity Fund, Dreyfus S&P 500 Index Fund, Wells Fargo Advantage Equity Index, Wells Fargo Advantage Dow Jones Target 2040, Legg Mason Partners Appreciation Fund, Legg Mason Partners S&P 500 Index Fund, American Century Income & Growth, RiverSource Diversified Equity Income Fund, RiverSource S&P 500 Index Fund, Calvert Social Investment Fund, Calvert Social Index Fund, Vanguard 500 Index, Vanguard Total Stock Market Index, Vanguard Windsor II, Vanguard Wellington, Fidelity Magellan, Fidelity Spartan 500 Index, TIAA-CREF Growth & Income Fund, TIAA-CREF Equity Index Fund, Blackrock S&P 500 Index, USAA S&P 500 Index Fund, Nationwide S&P 500 Index
1 Voter disagreeing
Morgan Stanley S&P 500 Index
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NOVELL, INC., Apr 14, 2005
Andy Eggers's remarks on this proposal:
From CalPERS website: "Amend Company's bylaws that at least 50% of future equity compensation be performanced-based and disclose a reasonable level of detail of the performance metrics." 31% support overall.
6 Voters agreeing
RiverSource S&P 500 Index Fund, Domini Social Equity Fund, Fidelity Spartan 500 Index, TIAA-CREF Growth & Income Fund, TIAA-CREF Equity Index Fund, TIAA-CREF Social Choice Equity Fund
15 Voters disagreeing
T Rowe Price Equity Index 500 Fund, Schwab 1000 Index Fund, Schwab Capital Trust S&P 500 Index Fund, Dreyfus S&P 500 Index Fund, Wells Fargo Advantage Equity Index, Legg Mason Partners S&P 500 Index Fund, American Century Growth, Morgan Stanley S&P 500 Index, Calvert Social Index Fund, Vanguard 500 Index, Vanguard Total Stock Market Index, Fidelity New Millennium, Blackrock S&P 500 Index, USAA S&P 500 Index Fund, Nationwide S&P 500 Index
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