From the American Journal of Transportation:
A majority of non-insider shareholders in Filipino port operator International Container Terminal Services Inc. (ICTSI) voted against the re-election of Directors Stephen A. Paradies and Jon Aboitiz at the company’s Annual Stockholders’ Meeting.
This vote follows recommendations from the world’s largest proxy advisory service Institutional Shareholder Services (ISS), which supported the significant corporate governance concerns raised by the International Transport Workers’ Federation (ITF).
Major shareholders voting against the Directors included the California Public Employees Retirement System (CalPERS), one of the world’s largest institutional investors with more than $320 billion in assets under management, and the California State Teachers Retirement System (CalSTRS).
Paddy Crumlin, ITF President and Vice-Chair of the International Trade Union Confederation’s (ITUC) Committee on Workers Capital (CWC) said: “This vote again sends the message that ICTSI must put in place decent and sustainable governance structures in line with accepted international best-practice in order to avoid major operational issues, including protracted disputes that the ITF has observed across the company’s terminals, and relationships with censured regimes.”