US - The California Public Employees' Retirement System is seeking annual director elections at Smithfield Foods.
The pension fund's proposal, set to be discussed at the company's annual meeting on 21 September, seeks to do away with staggered board elections.
"Annual director elections ensure accountability," said senior portfolio manager and head of CalPERS corporate governance programme Anne Simpson. "To date approximately 64% of companies in the S&P 500 and 54% of companies in the Russell 1000 have annual director elections - the direction of change is positive on annual elections."
CalPERS owned 476,080 shares of Smithfield as of the 15 July.
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