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ROASTED: Pensions to Vote Against Starbucks Executive Compensation

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Starbucks CEO Howard Schultz is facing some opposition on executive pay, specifically an advisory vote on executive compensation, from pension giants Ontario Teachers’ Pension Plan (OTPP), California State Teachers’ Retirement System (CalSTRS) and Florida State Board of Administration (SBA). This information was revealed through the asset owners’ proxy voting disclosures. On the other hand, Canadian Pension Plan Investment Board (CPPIB) plans to support Schultz’s pay. In 2014, around 87% of investors voted in favor of Starbucks’ executive pay plan. In March 2012, and years 2013 and 2014, CalSTRS voted “yes” on the advisory vote on executive compensation for Starbucks.

Starbucks’ shareholder meeting is scheduled for March 18, 2015.

U.S. institutional investors are challenging CEOs on executive compensation practices. In early March, CPPIB and Florida SBA voted against Apple’s executive pay plan citing a mismatch between chief executive pay and stock performance.

How much does he make?

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Former FSDEA Chairman Arrested in Angola

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Jose Filomeno de Sousa dos Santos, the son of Angola’s former president and former chairman of the country’s sovereign wealth fund, has been placed under arrest, according to the state prosecutor’s office. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Keppel Land China Acquires Stake in Nanjing Jinsheng Real Estate Development

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On September 20, 2018, Keppel Land China, a subsidiary of Singapore-based Keppel Corporation, purchased a 40% stake in Nanjing Jinsheng Real Estate Development Co, a subsidiary of Gemdale Corporation. Keppel Land China did the deal through an entity called Eternal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Korea NPS Co-Invested in Delaware Basin Assets with Morgan Stanley

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The Delaware Basin is a geologic depositional and structural basin in West Texas and southern New Mexico. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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