The California Public Employees' Retirement System voted against pay programs this year at 43 percent of the 2,145 U.S. public firms it owns stakes in, up from 18 percent in 2017. (Photo: Shutterstock)
(Bloomberg) –The largest U.S. public pension fund is taking a tougher line over executive compensation.
The California Public Employees' Retirement System voted against pay programs this year at 43 percent of the 2,145 U.S. public firms it owns stakes in, up from 18 percent in 2017, the system said Monday. One reason is closer scrutiny, said Simiso Nzima, investment director for corporate governance. In past years some firms may have received a passing grade despite a degree of misalignment between pay and company results, he said.
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