Board committee backs resolution urging SFERS review of executive pay and proxy voting

A San Francisco Board committee on March 1 advanced a resolution requesting the San Francisco Employees' Retirement System (SFERS) review executive compensation, evaluate best practices, hold a public hearing and issue a public report.

Barbara Lopez, speaking on behalf of Supervisor Jane Kim, told the committee the resolution "urges the San Francisco employee retirement system board to review executive compensation, evaluate best practices on salary compensation, and hold a public hearing on the matter" and noted the measure ties back to a 1988 bylaw calling for compensation that is "fair and reasonable." Lopez also introduced amendments that add language about gender and racial diversity on corporate boards and that ask SFERS to include subcontractor workers at publicly traded companies when assessing pay practices.

Members of the public, including retiree and advocacy groups, spoke in support. Hansen Lee described San Francisco as becoming a "rich people's playground" and urged action on economic inequality; Ash, speaking for ACE, said CEO-to-worker pay has grown dramatically and supported measures to bring "fairness back to San Francisco." Retirees and former city employees also urged use of SFERS' proxy power to highlight excessive pay.

The committee adopted the offered amendments without objection and sent the item as amended to the full Board of Supervisors with a positive committee recommendation. No vote on binding action by SFERS was taken; this is a request for SFERS to review policy, hold a hearing, and report back.

Next steps: the resolution will appear on the Board of Supervisors agenda for further consideration on March 14, per the clerk's announcement.