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 Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.