The Ontario Teachers’ Pension Plan has articulated concerns about compensation directly to senior management and the board of Sprint Nextel frequently during the past year. The concerns are based on the poor linkages between operating performance and the structure of senior management pay, as well as the continued compensation increases relative to the company's sustained operational and share price underperformance during the tenure of the current Chief Executive Officer.

In recognition of its global investment portfolio and differing national issues related to corporate governance, this year Teachers’ distributed letters to public companies specific to Canada, the United States and the United Kingdom.

Audit and compensation committees at Canadian corporations appear to have responded to increased stakeholder and regulatory expectations during the past decade. Recent studies by the Clarkson Centre for Board Effectiveness analyzed trends in committee size, composition, member tenure and chair retainer at companies included in the S&P/TSX Composite Index.

Teachers' has issued a report detailing how it complies with the seven principles of the UK Stewardship Code. The Code seeks to improve engagement between institutional investors and investee companies. Teachers’ has voluntarily chosen to report on its stewardship activities to the Financial Reporting Council, which established The Code in 2010.

In its annual letter to more than 650 public companies around the world, Teachers' advocates for a sustained focus on key governance principles and discusses its views on recent governance developments.

Teachers’ has updated its Corporate Governance Policies and Proxy Voting Guidelines for the 2011 proxy season.

Teachers’ cast its vote against the proposed arrangement between Magna International Inc. (Magna) and the Stronach Trust at Magna’s shareholder meeting earlier today. In addition, we intend to join other shareholders to oppose the proposed transaction at the Ontario Superior Court of Justice fairness hearing scheduled for August 12 and 13. Our concerns are with the substance of the proposed arrangement and the governance process followed by the Special Committee and the Board.

Teachers’ continues to say ‘no’ to Magna-style dual-share collapses. As good governance proponents, we support the principle of one share, one vote and have long advocated against dual-class share structures. Our concern with respect to Magna’s proposed transaction continues to be two-fold: the appropriateness of the significant payment to Mr. Stronach, which we believe is both unprecedented and excessive, and the establishment of a similar dual-class share structure for the E-car venture.

The market welcomed Magna International’s May 6 announcement that the company has agreed to allow shareholders to vote on the elimination of the company’s dual-class share structure. We support the principle of one share, one vote. We have advocated against dual-class share structures for many years. Magna’s proposal, however, raises a number of questions - the primary one being the appropriateness of the significant payment to Mr. Stronach that we believe is unprecedented.

As Canada gears up for the G20 summit, Toronto also gets ready to host the world’s largest investors at the International Corporate Governance Network’s (ICGN) annual global summit. The conference runs June 7 – 9 in Toronto, Canada and will gather institutional investors representing almost US$10 trillion in assets under management.