U. of California Improperly Rejected Shareholder Resolutions, Report Says

The University of California’s endowment managers are skirting its proxy-voting policies by refusing to review shareholder resolutions designed to promote human rights, environmental protection, and other social issues, the Bay Citizen reported. The report, which was published in The New York Times, says documents show the 10-campus system rejected hundreds of resolutions without undertaking a proper review. Melvin L. Stanton, the university’s associate chief investment officer, told the Bay Citizen that no evidence existed of “a significant correlation between proposals brought by shareholders/activist groups and additional shareholder value.”