The Shareholder ForumTM


"Say on Pay" Proposals

Forum Home Page

"Say on Pay" Home Page

Program Reference


For a copy of the letter referenced in the announcement below and a list of all addressees, see the press release of the letter's author:


California Public Employees’ Retirement System (CalPERS), January 28, 2010 press release


CalPERS On-Line Home Page

Press Release

January 28, 2010

Office of Public Affairs
(916) 795-3991
Brad Pacheco, Chief
Contact: Clark McKinley, Information Officer

CalPERS Endorses Investors' Appeal for Shareowner 'Say on Pay'

SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) has signed a letter from institutional investors that urges financial companies to enact the shareowner advisory vote on executive compensation.

CalPERS was among approximately 30 investors that signed the open letter to 17 financial institutions. The letter asked them to follow other financial services industry companies “to enact the shareholder advisory vote on executive compensation (or Say on Pay), a timely and needed corporate governance reform.”

“We applaud Goldman Sachs, State Street and Bank of New York Mellon for leading the way to enact this important corporate governance reform,” said Joseph Dear, CalPERS Chief Investment Officer. “While CalPERS doesn’t see a shareowner advisory vote as a panacea, companies that adopt the policy will significantly advance sound governance goals of improved accountability to investors and the creation of long-term share value.”

The letter from institutional investors can be found in the CalPERS Press Room at

CalPERS is the largest U.S. public pension fund with approximately $202 billion in assets. It administers retirement benefits for more than 1.6 million active and retired State, public school, and local public agency employees and their families.

For additional CalPERS corporate governance information please visit


Additional Resources
More Information on the Say on Pay Letter (PDF, 28 KB)


Dated: 01-28-2010





This Forum program is open, free of charge, to anyone concerned with investor interests relating to shareholder advisory voting on executive compensation, referred to by activists as "Say on Pay." As stated in the posted Conditions of Participation, the Forum's purpose is to provide decision-makers with access to information and a free exchange of views on the issues presented in the program's Forum Summary. Each participant is expected to make independent use of information obtained through the Forum, subject to the privacy rights of other participants.  It is a Forum rule that participants will not be identified or quoted without their explicit permission.

The organization of this Forum program was supported by Sibson Consulting to address issues relevant to broad public interests in marketplace practices, rather than investor decisions relating to only a single company. The Forum may therefore invite program support of several companies that can provide both expertise and examples of performance leadership relating to the issues being addressed.

Inquiries about this Forum program and requests to be included in its distribution list may be addressed to

The information provided to Forum participants is intended for their private reference, and permission has not been granted for the republishing of any copyrighted material. The material presented on this web site is the responsibility of Gary Lutin, as chairman of the Shareholder Forum.