Calpers crackdown over governance

13 April 2012

THE largest US pension fund, Calpers, has stepped up its campaign against directors who do not measure up to its corporate governance standards, saying it will withhold 2.36m proxy votes from nine Lockheed Martin directors and 1.48m from the entire six-member board of Apple Computer.

The California Public Employees' Retirement System with $167bn (£93.3bn) in funds under management, said earlier it would withhold its support from resolutions re-electing Citigroup chairman Sandy Weill and billionaire investor Warren Buffett as a Coca-Cola director.

Calpers said it was withholding votes for the Apple board because it had failed to draw up plans to show stock options as expenses.

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