Mini Case Study - CalPERS - 2011

Mini Case Study - CalPERS - 2011 - Mini Case Study CalPERS...

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1 “Mini” Case Study CalPERS & Corporate Governance
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2 CalPERS – Background California Public Employees’ Retirement System, activist institutional investor with $237.5 billion in assets under management (6/2011) 64% of assets under “active management” In recent past, voted against plan to expand pool of stock options given to executives at eBay, withheld votes to re-elect five board members at AOL-Time Warner to show displeasure of the lack of independence of AOL’s auditor Ernst & Young
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Recent “Focus List” Members 3
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4 Xerox Corporation (XRX) – Stamford, Connecticut CalPERS Holding: 3 million shares Xerox Shareowner Concerns: Xerox is one of the most ineffective boards. The company has been fined by the SEC and forced to restate earnings from 1997 though 2000, and its Board has also been publicly accused of faulty financial manipulation by its own former employees. From fiscal year 1998 to 2001, Xerox's EVA declined by over $1 Billion. Governance Concerns:
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Mini Case Study - CalPERS - 2011 - Mini Case Study CalPERS...

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