This report shows public data only. Is this your organisation? If so, login here to view your full report.

California State Teachers' Retirement System CalSTRS

PRI reporting framework 2018

You are in Direct - Listed Equity Active Ownership » (Proxy) voting and shareholder resolutions

(Proxy) voting and shareholder resolutions

Overview

LEA 15. Voting policy & approach

New selection options have been added to this indicator. Please review your prefilled responses carefully.

15.1. Indicate whether your organisation has a formal voting policy.

15.2. Indicate what your voting policy covers:

15.3. Attach or provide a URL to your voting policy. [Optional]

15.4. Provide a brief overview of your organization’s approach to (proxy) voting.

CalSTRS believes an essential part of managing the portfolio is an attention to good corporate governance. CalSTRS not only sees good corporate governance practices as a way to add value but also to mitigate risk in the portfolio.

Not only is the voting of proxies a fiduciary duty, CalSTRS also believes that the execution of proxies is an important shareholder right and we always seek to exercise the right in a consistent fashion that is in the best interests of the beneficiaries.

It is the intent of CalSTRS to exercise its voting authority in accordance with its financial interests, whenever possible. While logistics or other factors may sometimes interfere with this intent, it is the ultimate goal of CalSTRS to work with the indicated parties to remove the barriers to voting.

The CalSTRS Corporate Governance Principles not only lay the foundation for the System’s proxy voting, but all the activities of the Corporate Governance program, which include corporate engagements and market-wide governance initiatives. CalSTRS principles are based on what we believe are best practices in the marketplace and we conduct corporate engagements in order to move the marketplace towards these best practices.


Process

LEA 16. Typical approach to (proxy) voting decisions

16.1. Indicate how you typically make your (proxy) voting decisions.

Approach

Based on

16.2. Provide an overview of how you ensure your voting policy is adhered to, giving details of your approach when exceptions to the policy are made (if applicable).

Internal controls exsist to ensure that CalSTRS proxy voting is conducted inalignment to its proxy voting policy. Certain proxies and ballots are reviewed by multiple parties before executed. Addittionally, a select number of proxies are randomally audited by members of staff to ensure consistency in CalSTRS vote to its policy.  

16.3. Additional information.[Optional]


LEA 17. Percentage of voting recommendations reviewed (Not Applicable)


LEA 18. Confirmation of votes

New selection options have been added to this indicator. Please review your prefilled responses carefully.

18.1. Describe your involvement in any projects to improve the voting trail and/or to obtain vote confirmation .

          CalSTRS releases its votes to the public: https://www.calstrs.com/proxy-voting-0
        

18.2. Additional information. [OPTIONAL]

          
        

LEA 19. Securities lending programme

New selection options have been added to this indicator. Please review your prefilled responses carefully.

19.1. Indicate if your organisation has a securities lending programme.

19.3. Indicate how voting is addressed in your securities lending programme.


LEA 20. Informing companies of the rationale of abstaining/voting against management

New selection options have been added to this indicator. Please review your prefilled responses carefully.

20.1. Indicate whether you or the service providers acting on your behalf raise any concerns with companies ahead of voting

20.2. Indicate whether you and/or the service provider(s) acting on your behalf, communicate the rationale to companies, when , you abstain or vote against management recommendations.

20.3. Additional information. [Optional]

CalSTRS discloses its proxy votes in advance of annual meetings which allows interested companies to learn of our vote decisions and contact us if they have questions concerning the votes we have cast. 

 

https://www.calstrs.com/proxy-voting-0


Outputs and outcomes

LEA 21. Percentage of (proxy) votes cast

21.1. For listed equities where you and/or your service provider have the mandate to issue (proxy) voting instructions, indicate the percentage of votes cast during the reporting year.

Votes cast (to the nearest 1%)

100 %

Specify the basis on which this percentage is calculated

21.2. Explain your reason(s) for not voting certain holdings

21.3. Additional information. [Optional]


LEA 22. Proportion of ballot items that were for/against/abstentions

22.1. Indicate if you track the voting instructions that you and/or your service provider on your behalf have issued.

22.2. Of the voting instructions that you and/or third parties on your behalf issued, indicate the proportion of ballot items that were:

Voting instructions
Breakdown as percentage of votes cast
For (supporting) management recommendations
59 %
Against (opposing) management recommendations
41 %
Abstentions
0 %
100%

22.3. Describe the actions you take in relation to voting against management recommendations.

          In some cases we reach out to the company.
        

22.4. Additional information. [Optional]


LEA 23. Shareholder resolutions

New selection options have been added to this indicator. Please review your prefilled responses carefully.

23.1. Indicate if your organisation directly or via a service provider filed or co-filed any ESG shareholder resolutions during the reporting year.

23.2. Indicate the number of ESG shareholder resolutions you filed or co-filed.

2 Total number

23.3. Indicate what percentage of these ESG shareholder resolutions resulted in the following.

Went to vote

0 %
Were withdrawn due to changes at the company and/or negotiations with the company
100 %
Were withdrawn for other reasons
0 %
Were rejected/not acknowledged by the company
0 %
Total 100%

23.4. Of the ESG shareholder resolutions that you filed or co-filed and that were put to vote (i.e. not withdrawn) how many received:

>50%
50-20%
<20%

23.5. Describe the ESG shareholder resolutions that you filed or co-filed and the outcomes achieved.

https://www.calstrs.com/sites/main/files/file-attachments/green_report_2017.pdf

https://www.calstrs.com/report/corporate-governance-annual-report

 

Information on engagement is provided in the two reports above. 

23.6. Describe whether your organisation reviews ESG shareholder resolutions filed by other investors.

We review all ESG SHP's that go to a vote during our proxy voting process. 

23.7. Additional information. [Optional]


LEA 24. Examples of (proxy) voting activities

New selection options have been added to this indicator. Please review your prefilled responses carefully.

24.1. Provide examples of the (proxy) voting activities that your organisation and/or service provider carried out during the reporting year.

ESG Factors
ESG issue
          Voted our proxy at Exxon
        
Conducted by
Objectives

Communicate to the company on specific ESG risks and on the proxy. 

Scope and Process

1. Communicate to company

2. Assess current disclosure by company

3. Vote proxy at company

https://viewpoint.glasslewis.net/GlassLewisWebDisclosure/webdisclosure/search.aspx?glpcustuserid=CAL090&WDFundGroupID=1303

4. Engage company on issues that have not adequately been met or disclosed. 

 

Outcomes

Voted FOR certain SHP's at Exxon. 

https://viewpoint.glasslewis.net/GlassLewisWebDisclosure/webdisclosure/search.aspx?glpcustuserid=CAL090&WDFundGroupID=1303

 

Met with company and discussed SHP's and current disclosure status. 

24.2. Additional information. [Optional]

For more information on CalSTRS Proxy Voting activites please visit our Corporate Governance annual report:

https://www.calstrs.com/report/corporate-governance-annual-report

 


Top