According to the announcement, Sheehan will join the staff in October to guide its corporate governance program to a higher level of activism. She will provide key support to the CalSTRS board in the continuing pursuit of the highest standards of governance practices by portfolio companies.
Sheehan’s initial areas of focus will include better carbon emission reporting by portfolio companies and increased diversity on corporate boards. She will also lead CalSTRS’ Workplan Program that seeks to turn around underperforming holdings through adoption of good corporate governance, the announcement said.
In addition, Sheehan will guide the day-to-day activities of a staff of eight responsible for the oversight of an activist investment management portfolio of $3 billion and execution of approximately 8,000 proxy votes annually.
“Anne will ‘up the ante’ built by our excellent corporate governance team,” Chief Investment Officer Christopher J. Ailman said in the announcement. “Under Anne’s leadership, CalSTRS will continue as a strong and effective advocate for the best corporate citizenship practices.”