LACERS, a $22 billion public pension plan serving the civilian employees of the City of Los Angeles, supports shareholder Proposal Seven on the Meta Platforms, Inc. proxy voting ballot, which will be voted on at the Annual Meeting of Shareholders on May 25, 2022. Proposal Seven requests that Meta disclose its risks based on company business practices that “…prioritize internal financial return over healthy social and environmental systems” and address how such risks negatively impact its returns to shareholders. (2022 Meta Proxy Statement)
As fiduciaries, LACERS Board strongly supports best industry practices around corporate governance and reporting transparency, key factors that help generate superior long-term performance results and strengthens corporate financial sustainability. To ensure that its governance values are applied when proxy voting, the LACERS Proxy Voting Policy provides staff and the Board with the flexibility to take a voting position that differs from its proxy voting service. With the belief that harmful business practices and the spread of misinformation left unchecked undermines shareholder value, the LACERS Board exercises this discretion to cast its ballot in favor of Proposal Seven.