Dodd-Frank Act Signif cantly Expands Corporate Disclosure and Transparency Standards

In September 2010, the California Public Employees’ Retirement System (CalPERS) the largest pension fund in the
United States welcomed the SEC vote on Proxy Access, a critical part of the Dodd-Frank Act by stating; “Today’s
adoption of the proxy access rule by the SEC is an important advancement of the principles of investor relations. We
commend the SEC for its thoughtful, fair rule, and we are confi dent that with its use it will be considered a win-win for
business and investors.”