During the 2025 proxy season, the California State Teachers’ Retirement System (CalSTRS) supported more than 400 shareholder proposals, covering issues such as greenhouse gas disclosures, human capital management (including workforce management and employee wellness) and board governance.
According to a press release, CalSTRS voted on a total 1,212 shareholder proposals, opposing 728. However, the pension fund emphasized that a vote against a proposal does not necessarily reflect that it disagrees with the underlying issue. CalSTRS went on to say that it may vote down measures for various reasons, including concerns with the proposal’s structure, which at times may be overly prescriptive.
CalSTRS underscored that it reviews each proposal carefully, taking into account the specific needs and context of the company involved.
“We manage our proxy votes like any other asset, as a tool to benefit our more than one million members and beneficiaries,” said Aeisha Mastagni, a senior portfolio manager on CalSTRS’ Sustainable Investment and Stewardship Strategies team, in the release. “Our proxy votes are an important part of our engagement strategy to assess risk and influence portfolio companies.”
As part of its evaluation process, CalSTRS said its staff reviews company disclosures and independent research to determine how to vote in the best interests of its members. “We support shareholder proposals that help us make informed decisions and manage the portfolio to consider both risk and return across decades,” said Mastagni. “The shareholder proposals we supported during the 2025 proxy season will help investors like CalSTRS better manage risk.”
