US - CalPERS is seeking support for a proposal to give La-Z-Boy shareowners the right to elect directors annually.
In the letter, Eric Baggesen, senior investment officer, CalPERS Global Equity, said: "We believe such accountability, as evidenced by governance practices, is closely related to financial performance."
The fund has asked other La-Z-Boy shareowners to back its proposal to declassify the board and withhold votes from certain directors.
In March, CalPERS placed La-Z-Boy on its 2008 Focus List of underperforming companies, citing poor stock returns relative to the Russell 3000 Index and the company's industry peers over the past one-, three-, and five-year periods.
La-Z-Boy has generated negative cumulative total returns over all periods, including a negative absolute return of 47.8% over ten years.
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
Caroline Rookes CBE and Michele Hirons-Wood have joined The Pension Superfund's board of trustees to focus on maintaining governance standards and safeguarding member benefits.
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.