CalSTRS Asks Firms to Return to U.S.
The California State Teachers’ Retirement System, the third-largest U.S. public pension fund, has approved a resolution asking Tyco International Inc. and Ingersoll-Rand Co. to move their corporate headquarters back to the U.S.
CalSTRS owns 145,818 shares of Ingersoll-Rand and 869,749 shares of Tyco. State Treasurer Phil Angelides, a trustee of CalSTRS, said the resolution is aimed at ending corporate expatriation in which companies relocate offshore in name only to avoid taxes and weaken shareholder rights.
The California Public Employees’ Retirement System passed a similar resolution Nov. 18.
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