California pension giant CalSTRS has voted against the entire board at UK fund firm Aberdeen Asset Management.
The $155.5bn (€117bn) California State Teachers Retirement System has cast its vote against the whole 13-strong board candidate slate at Aberdeen, including Founder and Chief Executive Martin Gilbert, Finance Director Bill Rattray and Chief Investment Officer Anne Richards.
CalSTRS has 10.1m shares worth around $41m in the company. The £187.2bn (€235bn) fund firm, which is a signatory to the UN Principles for Responsible Investment, holds its annual general meeting in the city of Aberdeen tomorrow.
Fellow US investor the Christian Brothers InvestmentServices (CBIS) has also voted against the entire board, according to advance voting data.
The Florida State Board of Administration, which manages the $127.2bn Florida Retirement System, has also announced its voting intentions. Despite backing the board candidates, the SBA is voting against approving Aberdeen’s remuneration report.
CalSTRS voted against Gilbert as a director at UK satellite broadcaster BSkyB in November last year.
In 2011 it voted against re-electing the entire board of the firm in the wake of the phone hacking scandal that engulfed affiliate firm News Corp.
An Aberdeen spokesman declined to comment.