Last week, I expressed surprise in this post about the California Public Employees Retirement System’s recent announcement that it plans to abstain on a proposal by Massey Energy Company to jettison cumulative voting. My surprise was based on the fact that Government Code Section 6900 specifically and unequivocally requires CalPERS and other state agencies to vote in favor of cumulative voting. I did ask CalPERS for a comment on its position and I received the following response on Monday...