Latest Posts › CalPERS

Share:

Commissioner Rings Pension Fund Tocsin

In a speech given late last month, SEC Commissioner Daniel M. Gallagher warned that “for years, state and local governments have used lax governmental accounting standards to hide the yawning chasm in their balance sheets.” ...more

6/16/2014 - Balance Sheets CalPERS Pensions SEC SEC Commissioner Securities

Those Who Hold Themselves Apart Seem To Be Getting All The Attention

Who knew that abstentions were so newsworthy? Here are three recent news stories involving abstentions at annual meetings...more

6/10/2014 - CalPERS Coca Cola Shareholder Litigation Shareholders Warren Buffet

CalPERS Allowed To Continue Rating Agency Suit

In 2009, the California Public Employees’ Retirement System filed a lawsuit alleging negligent misrepresentation and negligent interference with prospective economic advantage against Moody’s Investors Services, Inc., Moody’s...more

5/28/2014 - Anti-SLAPP CalPERS Moody's Negligence Negligent Misrepresentation Rating Agencies Tortious Interference

Why Urge Pay For Performance And Then Ignore Performance?

CalPERS’ Global Principles of Accountability for Corporate Governance declare: Compensation programs are one of the most powerful tools available to the company to attract, retain, and motivate key employees to...more

5/15/2014 - CalPERS Compensation Committee Corporate Governance Executive Compensation Pay-for-Performance

CalPERS Proposes To Amend Global Principles

Next Monday, the Investment Committee of CalPERS’ Board of Administration is scheduled to consider several amendments to CalPERS’ Global Principles of Accountable Corporate Governance. Among other changes, the committee will...more

5/13/2014 - Board of Directors CalPERS Corporate Governance Pension Committees

CalPERS Declares Wall Street Journal Wrong

The California Public Employees’ Retirement System has a well-deserved rap as a taxpayer drain. So to rehabilitate its image, the pension fund has produced a “study” purporting that public-worker pensions are California’s...more

4/28/2014 - CalPERS Defined Benefit Plans Pensions Public Employees

CalPERS Proposes Conflict Of Interest Disclosure Regulation

CalPERS recently gave notice that it is proposing to adopt a new rule requiring disclosure of conflicts of interests by consultants and external managers. Under the California Administrative Procedure Act, Cal. Gov’t Code §...more

4/9/2014 - CalPERS Conflicts of Interest Consultants Disclosure

Should Corporations Conserve Water Because A Shareholder Believes It’s The Right Thing To Do?

Last month, the California Public Employees Retirement System (CalPERS) sent a letter to its California real estate and private equity managers asking that they take a number of steps to conserve water. I found CalPERS’...more

3/6/2014 - CalPERS Conservation Corporate Social Responsibility Shareholders Water

Oops! CalPERS Reportedly Violates Insider Trading Policy Again

Jon Ortiz, who writes The State Worker blog for The Sacramento Bee, recently reported that the California Public Employees Retirement System has again violated its insider trading policy by purchasing shares in an initial...more

2/27/2014 - CalPERS Insider Trading SEC

CalPERS’ Offbeat Personal Trading Policy

Yesterday’s post discussed a news report of an SEC inquiry into insider trading by CalPERS. Rather than being abashed by this news, CalPERS responded by congratulating itself on having implemented a personal trading policy....more

12/31/2013 - CalPERS Exemptions Insider Trading SEC Securities

California State Employee To Be Paid More Than $800,000

It’s Good Work, If You Can Get It According to a story by Michael D. Morois, the California Public Employees’ Retirement System recently doubled bonuses to its staff, paying an aggregate of $7.7 million to some 130...more

11/7/2013 - Bonuses CalPERS Public Employees Retirement

CalPERS Files Amicus Brief In Titanomachy With San Bernardino

In its filing, CalPERS outlines why the 11th Amendment to the U.S. Constitution protects State agencies, like the Pension Fund, from being haled into federal court against their will by a municipality, which is a creation of...more

11/5/2013 - CalPERS Department of Financial Services Eleventh Amendment Municipalities

Differing Perspectives On The SEC’s Proposed CEO Pay Ratio Rule And Who Speaks For CalPERS?

Last Wednesday, a divided Securities and Exchange Commission issued proposed amendments to Item 402 of Regulation S-K. Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act required the SEC to amend...more

9/25/2013 - CalPERS CEOs Dodd-Frank Executive Compensation Pay Ratio Regulation S-K SEC Transparency

Are These Trips Truly “Mission Critical”?

Last September, I wrote to CalPERS’ Chief Executive Officer to express my concern about travel by CalPERS’ executives. I noted that Governor Brown had issued Executive Order B-06-011 banning both in-state and out-of-state...more

9/10/2013 - CalPERS CEOs Executive Orders Jerry Brown State Budgets State Employees Travel

CalPERS’ Warning Of Chill Goes Unheeded

Last November, Judge James P. Kleinberg of the Santa Clara Superior Court in San Jose, California ruled on motions for summary judgment in a case brought by former employees of a management company that had been retained by...more

8/30/2013 - CalPERS Employer Liability Issues Investment Funds Wages

CalPERS Officials Travel The World Despite Executive Order

Two years ago and in light of a daunting structural budget deficit, Governor Jerry Brown issued Executive Order B-06-011. His order banned both in-state and out-of-state travel by government agencies unless it was “mission...more

7/23/2013 - CalPERS Deficit Reduction Government Entities Government Officials Jerry Brown Travel

Court Of Chancery Finds CalPERS Breached Implied Covenant Of Good Faith And Fair Dealing

In a 108-page post-trial order issued a few weeks ago, Vice Chancellor Leo E. Strine, Jr. dealt a major blow to the California Public Employees Retirement System (CalPERS), Senior Housing Capital, LLC v. SHP Senior Housing...more

6/3/2013 - CalPERS Covenant of Good Faith and Fair Dealing

“If there be nothing new, but that which is hath been before . . .”

The California General Corporation Law has imposes a single qualification to serve as a director – the person must be a “natural person”. Cal. Corp. Code § 164. Nevada’s for-profit corporation law adds the additional...more

5/28/2013 - CalPERS Directors

Law Mandates CalPERS/CalSTRS Support For Shareholder Resolutions Supporting Religious Minorities

In 1999, the legislature enacted SB 105 (Burton) which obligates CalPERS and CalSTRS to support, whenever feasible, shareholder resolutions at domestic and international corporations in which those funds have invested that...more

4/23/2013 - CalPERS CalSTRS Discrimination Religious Discrimination Religious Minorities

Court Clears Way For Case Against CalPERS, Judicial Council & Prison Healthcare Receiver

Nearly two years ago, Mr. Daniel E. Francis filed a petition for writ of mandamus against CalPERS and other based on allegations that the penstion fund had laundered the salary of the receiver appointed by the U.S. District...more

3/27/2013 - CalPERS Fraud Pensions

Judge Puts Off Decision On Whether Receiver’s CalPERS Benefits Are Unconstitional

Did CalPERS Make A Gift Of Public Funds? On January 23, 2008, the federal court appointed J. Clark Kelso as a receiver for California’s prison health care system. In 2011, a taxpayer filed a petition for write of...more

2/20/2013 - CalPERS Federal Court Receiverships Public Funds Unconstitutional Gifts

CalPERS To Consider External Investment Resource Disclosure Rule

Last August the Investment Committee of the California Public Employees’ Retirement System (CalPERS) approved revisions to its External Investment Resource Conflict of Interest Policy. A week later, I asked the Office of...more

2/13/2013 - Administrative Procedure Act CalPERS Conflicts of Interest External Investment Resource Conflict of Interest Policy External Managers Investment Funds Office of Administrative Law Underground Regulation

Can CalPERS Be Sued In Federal Court Or Perhaps Even New York State Court?

The California Public Employees’ Retirement System began lending securities in the early 1980s. Since the early 1990s, CalPERS has used the Master Securities Loan Agreement (MSLA) originally developed by the former Bond...more

12/4/2012 - CalPERS Federalism Forum Selection Clause Securities

Court Holds That Same Attorney May Advocate Before The ALJ and Agency Head

The Department of Corporations, like many state and federal agencies, does not observe a strict separation of powers. Indeed, the Department performs quasi-legislative functions in the form of rule making, prosecutorial...more

12/3/2012 - Administrative Procedure Act CalPERS Due Process

24 Results
|
View per page
Page: of 1