US public pension fund, CalPERS, has named 11 companies which make up its annual focus list for 2007. CalPERS claimed that the long-term performance of all the companies was at least 20% behind their peers and they have so far resisted appeals to change corporate practices that it said make their boards unresponsive to shareholder interests.
Among those named were food industry giant, Sara Lee and the drug company, Eli Lilly which do not provide shareholders with any opportunity to amend their bylaws.
At the annual meetings of four of the focus list companies the pension fund will put forward shareholder proposals.
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