Like many a public company shareholder, the California State Teachers’ Retirement System (CalSTRS) got to cast say-on-pay proxy votes for the first time in 2011. Now CalSTRS—which holds nearly $145 billion in assets—is out with a new report that offers companies insights into when they made the grade—and when they didn’t—in the eyes of the second largest public pension system in the U.S.
According to a memo by Wachtell, Lipton, Rosen & Katz, the report is good news, because it offers an example of a “major investor taking direct responsibility for voting proxies,” rather than basing their votes on a “one-size-fits-all” model offered by proxy advisory firms. Indeed, CalSTRS states at the outset of its own report, “Lessons Learned: The Inaugural Year of Say-Pay,” [PDF] that “one thing is certain: pay is unique at every company.”
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]