CalPers and Dutch pension provider (both huge shareholders) rep speaks: Does not want to see a repeat of events of 2004/5 but see the Board going back to old ways. Disappointed with CEO/Chair positions combined without shareholder input. Compensation program support dropped to only 57% last year but without Board response. Compensation should be about pay for performance and the current program is fundementally flawed. In addition, believes both shareholder proposals are good ideas.
