Advertisement
YOU ARE HERE: LAT HomeCollections

CALIFORNIA | FOREST PRODUCTS | THE STATE

CalPERS Won't Vote on Forest Land Swap

May 21, 1997|(Bloomberg News)

The California Public Employees' Retirement System said it won't vote to support a Maxxam Inc. shareholder proposal to preserve the world's largest privately owned ancient redwood forest. The $108-billion pension fund will abstain from voting on a plan to ask Maxxam to swap or sell 60,000 acres in Northern California to a government agency or conservation group. Environmentalists have fought to protect the Headwaters Forest area since Houston-based Maxxam bought the land in 1986. CalPERS said it supports a separate tentative agreement Maxxam reached with U.S. and California officials to sell 5,625 acres of Headwaters forest in an accord valued at $380 million. The pending 5,625-acre accord "is in the best economic interest of Maxxam shareholders," CalPERS executives said in a report to the investment committee. The plan, put forth by the Rose Foundation, a nonprofit environmental group based in Oakland, and which has the support of the California State Teachers' Retirement System, will be voted on at the Maxxam annual meeting Thursday.

Advertisement
Los Angeles Times Articles
|
|
|