US - The California State Teachers' Retirement System (CalSTRS) has successfully pushed through governance improvements at Occidental Petroleum Corporation.
The fund, together with Relational Investors, had called for a change in the firm's CEO succession planning, executive compensation reform, and board composition.
The two investors, which between them own 10.1 million company shares representing 1.24% of the company and worth $851m, said the initiatives, together with the anticipated election to the board later this year of a director proposed by them, fully resolved the concerns expressed over the past several months
"These initiatives are an excellent example of how shareholders and a proactive board of directors can work together to solve complex governance issues," said Anne Sheehan, director of corporate governance at CalSTRS.
The $132bn California State Teachers' Retirement System is the second largest public pension fund in the US and has 848,000 members.
Kim Gubler says it is time that schemes and administrators reassess SLAs and look at what real people need from their pension schemes and when
The Pensions Regulator (TPR) is focusing on reducing the number of "poorly-run" schemes as it seeks to improve standards across the board.
Prudential Retirement has completed around $2.6bn (£2bn) of reinsurance contracts for UK pension scheme longevity risk since the start of the year, it has disclosed.
Funding standards for DB schemes have increased exponentially over the past decades. Con Keating says such significant overstatement of liabilities will lead to pushback through the courts.