CalPERS to Vote Against Directors at Five Firms
CalPERS said late Tuesday that it would withhold votes from directors at five companies that allowed auditors to provide non-audit services.
The California Public Employees’ Retirement System said it would vote against directors at Anthem Inc., Comerica Inc., Cox Communications Inc., First Data Corp. and Masco Corp. to protest their audit committees authorizing auditors to perform services such as consulting.
The $166-billion fund has in recent weeks cast votes against numerous corporate board members for many reasons, but mainly in protest over the audit issue. The votes have proven largely symbolic and has put CalPERS at odds with about 90% of its portfolio companies. But the fund says pressing the issue is necessary because of continuing financial scandals.
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