The California Public Employees’ Retirement System (CalPERS) has signed a letter from institutional investors that urges financial companies to enact the shareowner advisory vote on executive compensation.
CalPERS was among approximately 30 investors that signed the open letter to 17 financial institutions. The letter asked them to follow other financial services industry companies “to enact the shareholder advisory vote on executive compensation (or Say on Pay), a timely and needed corporate governance reform.”
“We applaud Goldman Sachs, State Street and Bank of New York Mellon for leading the way to enact this important corporate governance reform,” said Joseph Dear, CalPERS Chief Investment Officer. “While CalPERS doesn’t see a shareowner advisory vote as a panacea, companies that adopt the policy will significantly advance sound governance goals of improved accountability to investors and the creation of long-term share value.”
The letter from institutional investors can be found in the CalPERS Press Room at www.calpers.ca.gov.
CalPERS is the largest U.S. public pension fund with approximately $202 billion in assets. It administers retirement benefits for more than 1.6 million active and retired State, public school, and local public agency employees and their families.
For additional CalPERS corporate governance information please visit www.calpers-governance.org.
Additional Resources
More Information on the Say on Pay Letter (PDF, 28 KB)
