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California State Teachers' Retirement System CalSTRS

PRI reporting framework 2018

Basic information [OO 01 - 09] Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - INF 03]

Strategy and Governance

Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]

Indirect – Manager Selection, Appointment and Monitoring

Listed Equity and Fixed Income Strategies [SAM 01] Selection [SAM 02 - 03] Appointment [SAM 04] Monitoring [SAM 05 - 07] Outputs and outcomes [SAM 08 - 09]

Direct - Listed Equity Incorporation

ESG incorporation in passively managed listed equities [LEI 11] Outputs and outcomes [LEI 12 - 14]

Direct - Listed Equity Active Ownership

Engagement [LEA 01 - 14] Overview [LEA 01 - 02] Process [LEA 03 - 10] Process for engagements run internally [LEA 03 - 04] Process for engagements conducted via collaborations [LEA 05 - 06] General processes for all three groups of engagers [LEA 09 - 10] Outputs and outcomes [LEA 11 - 14] (Proxy) voting and shareholder resolutions [LEA 15 - 24] Overview [LEA 15] Outputs and outcomes [LEA 21 - 24]

Assurance

Assurance [CM1 01.1 - 01.7]

Export Public Responses

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

Process

LEA 16. Typical approach to (proxy) voting decisions

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

Approach

We use our own research or voting team and make voting decisions without the use of service providers.

We hire service provider(s) that make voting recommendations or provide research that we use to inform our voting decisions.

Based on

the service provider voting policy signed off by us

our own voting policy

our clients' requests or policy

other, explain

We hire service provider(s) that make voting decisions on our behalf, except for some pre-defined scenarios for which we review and make voting decisions.

We hire service provider(s) that make voting decisions on our behalf.

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.

Yes

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

We recall all securities for voting on all ballot items

We systematically recall some securities to vote on their ballot items

We recall some securities to vote on their ballot items on an ad hoc basis

We empower our securities lending agent to decide when to recall securities for voting purposes

We do not recall our shares for voting purposes.

Others

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

Yes, in most cases

Sometimes, in the following cases:

Votes for selected markets

Votes relating to certain ESG issues

Votes for significant shareholdings

Votes for companies we are engaging with

On request by clients

Other

Neither we nor our service provider raise 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.

Yes, in most cases

Sometimes, in the following cases.

Votes in selected markets

Votes on certain issues

Votes for significant shareholdings

Votes for companies we are engaging with

On request by clients

On request by companies

Other

We do not communicate the rationale to companies

Not applicable because we and/or our service providers do not 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

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