CalPERS adds commitment to labor issues to proxy-voting guidelines, including DEI

By Rob Kozlowski
Source: Pensions & Investments

CalPERS may withhold votes from director nominees who show failed oversight and/or a lack of commitment surrounding labor issues such as diversity, equity and inclusion, and also announced it is actively engaging with 16 companies regarding their reported rollback of DEI initiatives.

The $533.4 billion California Public Employees’ Retirement System, Sacramento, announced the new policy in a global public equity proxy-voting and corporate engagement update included with materials for its upcoming March 17 investment committee meeting.

The new 2025 update to CalPERS’ proxy-voting guidelines states, “We may withhold vote 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 the CalPERS Labor Principles.”

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