Like many shareholders, the California State Teachers’ Retirement System (CalSTRS) got to cast advisory say-on-pay proxy votes last year. And for nearly a quarter of its holdings, the fund gave them a thumbs down. In January, CalSTRS released a report that offers companies insight into why some made the gradeand why some didn’t.
The report is of particular interest because CalSTRS, the country’s second-largest public pension system, with nearly $145 billion in assets, wields very big thumbs. And few institutional investors have explained their votes the way CalSTRS did in “Lessons Learned: The Inaugural Year of Say-on-Pay.”
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