Is U. of California Following Its Proxy Guidelines?

September 17, 2010

The University of California is routinely ignoring its own policies on proxy votes involving stocks in its endowment, according to an investigation by Bay Citizen, a nonprofit journalism organization whose work appears in The New York Times. The university's rules require a case-by-case analysis on proxy measures involving social issues, but the analysis found that the university appears to routinely vote against measures that would seem to require such an analysis -- without evidence of a study having taken place. Melvin Stanton, the university’s associate chief investment officer, told the Bay Citizen: "Our focus is doing what is best to improve the financial wherewithal of a particular company,” adding that "we’re not really focusing on social issues.”

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