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CalPERS’ updated proxy voting guidelines provide for its withholding of votes from director nominees that have demonstrated a lack of commitment and/or failed oversight surrounding human capital management and other labor issues in line with its Labor Principles. The Board Diversity policy remains unchanged from the 2023 guidelines:

See this redline of CalPERS’ updated guidelines against the prior guidelines; its Governance & Sustainability Principles; and its Proxy Voting & Corporate Engagements Update presentation for its March 17 Investment Committee meeting.  

See “CalPERS adds commitment to labor issues to proxy-voting guidelines, including DEI” (Pensions & Investments).

                          This post first appeared in the weekly Society Alert!