CalPERS Agrees That It Will Not Enforce Conflict Of Interest Policy


As discussed in this post, I had petitioned the Office of Administrative Law for a determination that the Statement of Investment Policy for External Investment Resource Conflict of Interest adopted by the California Public Employees’ Retirement System constituted an illegal “underground” regulation. The OAL accepted my petition and established a schedule for CalPERS and interested members of the public to respond.  CalPERS decided that it would not argue the matter and recently certified to the OAL that CalPERS would not “issue, use, enforce, or attempt to enforce” its policy.  CalPERS also informed the OAL of its intention to adopt a policy pursuant to the Administrative Procedure Act.

My objection has not been to the adoption of a conflict of interest policy, but to CalPERS’ procedure in adopting the policy.  By complying with the APA, CalPERS will help to ensure that its policy meets the statutory standards that pertain to all regulations and that the public will have the opportunity to provide comment on the proposed policy.

California Transparency In Supply Chains Act Deadline Looms

In February, 2011, I wrote this post about a new California law requiring large retailers and manufacturers to provide website disclosure of their efforts to eradicate slavery and human trafficking from their supply chains. Cal. Civ. Code § 1714.43(a).  The law took effect on January 1 of this year and is enforced by the Attorney General.  To be subject to this law, a retail seller or manufacturer must have annual worldwide ”gross receipts” that exceed $100,000,000. Section 19547.5 of the Revenue and Taxation Code requires the Franchise Tax Board to send a list of companies subject to this law by November 30 of each year.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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