BUSINESS BRIEFING / GOVERNANCE
TIMES WIRE REPORTS
California’s two pension funds said they would support a proxy vote at Brocade Communications Systems Inc. to ease company rules that limit shareholders’ ability to change bylaws.
The California Public Employees’ Retirement System and the California State Teachers’ Retirement System said they were seeking support from other shareholders to approve the resolution at the San Jose company’s annual meeting April 15. Brocade Communications is the largest maker of switches for data-storage networks.
The nonbinding resolution asks the company to change a rule that requires at least 67% of votes cast by shareholders to amend portions of the company’s charter and bylaws.
