Even as Apple ( AAPL) was basking in the afterglow of Wednesday's robust earnings report, the company suffered a reprimand on the corporate governance front.

The California Public Employees Retirement System, or Calpers, said Thursday it will vote against the re-election of Apple's board of directors, whose members include former presidential candidate Al Gore.

The pension fund giant objects to the fact that Apple's board still hasn't enacted a proposal to expense options, which was approved by shareholders last year.

An Apple representative wasn't immediately available to comment; Apple shares were recently up $2.20, or 8.3%, to $28.89.

Calpers has voting rights of over 1.5 million shares -- out of 370.5 million shares outstanding -- of Apple.

In comments posted to its Web site Thursday, Calpers also criticized a trio of Apple board members who serve on the company's audit committee, which has allowed auditor KPMG to perform nonaudit services.

On a related front, the pension fund recommended against re-appointing KPMG.

Calpers noted that one board member, Jerome York, is also the CEO of Micro Warehouse ( MWHS), which is a major customer of Apple products.

However, the fund sided with Apple in opposing a shareowner proposal to limit executive compensation, calling the measure "too restrictive."

Among other things, the proposal would require Apple to shift from awarding stock options to restricted shares worth no more than $1 million on the date of the grant. It would also mandate that the executives who receive restricted shares hold onto the shares as long as they work at Apple.

Apple's annual meeting will be held on April 22.

Apple is just the latest example of Calpers' increasingly aggressive stance in pushing for corporate governance reforms: Earlier this week, the $165 billion pension fund announced opposition to high-profile directors at Citigroup ( C) and Coca-Cola ( KO), and it led the recent effort to bring about change in Disney's ( DIS) board.