CalPERS presses home builder
From Times Wire Services
CalPERS, the largest U.S. pension fund, asked Standard Pacific Corp. shareholders to declassify the Irvine-based home builder’s board of directors because of “abysmal” performance. The proposal would require directors to run for election annually.
Standard Pacific, which has lost 74% of its value in the last 12 months, has a “poor stock performance and a subpar governance structure,” the California Public Employees’ Retirement System wrote in an April 10 letter to shareholders, filed with the Securities and Exchange Commission.
Standard Pacific responded: “We are committed to good corporate governance and believe that we have a strong, independent board.”
Standard Pacific shares rose 1 cent to $5.62.
