Xerox tops CalPERS' corporate governance focus list.

• Position: News & Numbers

The California Public Employees' Retirement System recently announced that Xerox Corporation and five others have been put on its corporate governance Focus List and will be the primary targets of its corporate governance activism in the upcoming proxy season.

The Focus List is the result of an annual review of the performance of U.S. companies in CalPERS' stock portfolio. CalPERS meets with the directors of the lowest long-term relative performers to discuss performance and governance issues. The Focus List ultimately includes those companies that continue to merit public and market attention.

In a letter sent to Xerox Chairman and CEO Anne Mulcahy, CalPERS asked the company to take immediate steps to expand the board by three independent directors and split the position of chairman and chief executive officer.

"It is time for Xerox to bring in new blood," said Sean Harrigan, president of the...