SACRAMENTO – One of the larger institutional shareholders of Sanmina-SCI is opposing the reelection of seven of its directors.
 
The California Public Employees' Retirement System claims Sanmina-SCI has not resolved issues with regard to its stock performance and the board's corporate governance practices. CalPERS owns 2.1 million of Sanmina’s shares.
 
The largest holder of Sanmina-SCI stock is AXA, with some 61 million shares as of Sept. 30.
 
"Sanmina has been unresponsive to our placing the company on our '2007 Focus List' for underperformance," said Russell Read, CalPERS chief investment officer. "Its stock price continues to decline and trail its industry peers. The board's failed acquisition strategy has destroyed a substantial amount of shareowner value."
 
Votes will be refused for Neil Bonke, Alain Couder, Mario Rosati, Gene Sapp, Wayne Shortridge, Jure Sola and Jacqueline Ward at the company's annual meeting Monday.
 
Sola is chairman and CEO of Sanmina-SCI. Sapp is the former head of SCI, whose acquisition Sanmina is still grappling with. 

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