Shareholder Proposals Result in Progressive Changes Benefiting Companies’ Performance and Value
The California State Teachers’ Retirement System (CalSTRS) withdrew 21 of 28 shareholder proposals filed during the 2010 proxy season after successfully engaging companies to make corporate governance changes.
“If engagement leads to substantial progress on the issue, we withdraw the proposal.”
As the lead or co-filer of the proposals, CalSTRS sought poison pill certification by shareholders, declassification of the board of directors, increased board diversity, the appointment of independent board chairs, and sustainability reports on environmental, social and governance (ESG) issues. In the majority of cases, CalSTRS engagement efforts resulted in progress on corporate governance matters and improved corporate performance.
See full Press Release.
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