Keith Paul Bishop

Keith Paul Bishop

Allen Matkins Leck Gamble Mallory & Natsis LLP

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Latest Posts › CalPERS


CalPERS To Consider Support For Corporate Political Spending Disclosure Mandate

Next week, the California Public Employees Retirement System will consider a staff recommendation “to update the legislative and policy guidelines to include support for Securities and Exchange Commission (SEC) rulemaking on...more

11/12/2015 - CalPERS Campaign Contributions Corporate Governance Rulemaking Process SEC

I’m Guessing That The DOL Didn’t Have in Mind Negative Weighing OF ESG Factors

In this post, I noted a recent study by Professor Tracie Woidtke at the University of Tennessee concluding that social-issue shareholder-proposal activism appears to be negatively related to firm value. I therefore raised...more

11/6/2015 - Administrative Interpretation CalPERS CalSTRS Corporate Governance Corporate Social Responsibility DOL Fiduciary Duty Pension Funds Shareholder Activism Shareholders

Defending The SEC’s Choice Of The Administrative Home Court

Wharton Associate Professor David Zaring has written an article defending the Securities and Exchange Commission’s choice to litigate in administrative rather than federal courts.  He argues that administrative adjudication...more

10/20/2015 - Administrative Hearings ALJ CalPERS SEC

What Exactly Is “Constructive Engagement”?

Yesterday, I wrote about SB 185 (De León) which mandates that California’s two giant pension funds to liquidate their investments in thermal coal companies on or before July 1, 2017.  One aspect of the bill that I didn’t...more

10/15/2015 - CalPERS CalSTRS Coal Industry Divestment Fiduciary Duty Investment Funds Iran Jerry Brown Pension Funds Pensions Securities Sudan

California’s New “Thermal Coal” Divestment Law Forces Fiduciary Duty Question

Public pension funds exist to provide retirement benefits to public employees.  Cal. Const. Art. XVI, § 17(a).  In 1992, the voters of California tried to eliminate political interference with the state’s retirement funds by...more

10/14/2015 - CalPERS CalSTRS Coal Industry Divestment Fiduciary Duty Investment Adviser Jerry Brown New Legislation Oil & Gas Pensions Public Employees Public Pension Retirement Plan

Do Public Pension Funds Breach Their Fiduciary Duties By Pursuing Social Issue Proposals?

Yesterday, UCLA Law School Professor Stephen Bainbridge noted the publication of a recent study that reaches some devastating conclusions for public pension funds.  The study by Professor Tracie Woidtke at the University of...more

10/2/2015 - Board of Directors CalPERS CalSTRS Fiduciary Duty Pensions Public Pension Shareholder Activism Shareholder Proposals

CalPERS And Pay For Performance

A few weeks ago, CalPERS’ Director of Corporate Governance, Anne Simpson, sent a letter to the Securities and Exchange Commission in support of the SEC’s proposed pay for performance disclosure rule. Her letter notes CalPERS’...more

8/3/2015 - C-Suite Executives CalPERS Compensation Committee Pay Ratio Pay-for-Performance Proposed Regulation Public Employees Publicly-Traded Companies SEC

CalPERS And Pay Equity

The Securities and Exchange Commission has given notice of its intent to adopt final pay ratio disclosure rules at its meeting next week.  In applauding the SEC’s proposed rules, the California Public Employees’ Retirement...more

7/31/2015 - CalPERS CalSTRS Compensation & Benefits Disclosure Requirements Dodd-Frank Pay Ratio Public Employees SEC

CalPERS Claims Success; Proxy Monitor Says CalPERS Success Leads To Lower Stock Prices

“Fair is Foul, and Foul is Fair” - In this press release issued last week, CalPERS congratulated itself on the “success” of its proxy voting initiatives:...more

7/28/2015 - CalPERS Corporate Governance Proxy Season Proxy Voting Guidelines Public Pension Shareholder Activism Shareholder Proposals Shareholders

Is Buying Stock The Same As Providing Capital?

A report issued by the California Public Employees’ Retirement System (CalPERS) implies otherwise.  The report entitled “CalPERS for California 2014” trumpets CalPERS’ investment in California businesses and its indirect...more

6/22/2015 - CalPERS Corporate Issuers Institutional Investors Publicly-Traded Companies Retirement Plan

CalPERS Board Member Contests Attorney General’s Conflicts Position

Last December, I wrote about J.J. Jelincic, a long-term CalPERS employee who was elected for a four-year term to the Board of Administration of the California Public Employees Retirement System (aka CalPERS). Following Mr....more

4/24/2015 - Board of Directors CalPERS Carbon Emissions

CalPERS Continues To Take Shots At The Press

I continue to be shocked at CalPERS’ vitriolic approach towards the press. In the last 12 months, CalPERS has taken on The Wall Street Journal, Fox News, several California metropolitan newspapers, several local newspapers,...more

1/8/2015 - CalPERS Ethics Media SEC

Muzzling Directors Who Don’t Agree

In September, the California Public Employees’ Retirement System (CalPERS) selected Theodore “Ted” Eliopoulos as its Chief Investment Officer. This appointment was unanimously approved by the members of the Board of...more

12/3/2014 - Administrative Appointments CalPERS

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

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