CalPERS Approves Political Contribution Guideline Despite Vehement U.S. Chamber Opposition

At yesterday’s meeting, the Investment Committee of the California Public Employees Retirement System (CalPERS) approved updates to its “Global Principles of Accountable Corporate Governance”. Among other changes, the update includes a new Principle 6.5 regarding charitable and political contributions.

The genesis of this proposal was a June 1, 2011 letter from California State Treasurer Bill Lockyer asking that CalPERS ”develop a formal corporate govemance policy on political campaign spending”. The Treasurer sent the same letter to the California State Teachers’ Retirement System. The Treasurer is an ex officio member of the CalPERS Board of Administration. Govt. Code § 20090(d). He is also a member of the Investment Committee that approved the updated guidelines.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

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.

© Allen Matkins Leck Gamble Mallory & Natsis LLP | Attorney Advertising

Written by:


Allen Matkins Leck Gamble Mallory & Natsis LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.