The California Public Employees’ Retirement System (CalPERS) today applauded the US Senate for passing the most sweeping overhaul of financial market regulations since the Great Depression.
“This is a welcome and needed action to restore trust and accountability in our financial markets,” said Rob Feckner, President of the CalPERS Board of Administration. “Wall Street reform will go far in protecting the retirement security of the public employees we represent, California taxpayers, and every American whose dreams depend on a marketplace that puts the needs of investors and shareowners ahead of corporate greed, irresponsibility and corruption.”
“We are especially grateful to Senator Chuck Schumer for his leadership on corporate governance. Beginning with his ‘Shareholder Bill of Rights’ and continuing through consideration of the final Senate bill, Senator Schumer has been a tireless proponent of proxy access,” Feckner added.
“Chairmen Chris Dodd and Blanche Lincoln should be commended for their painstaking work to push this overhaul through the Senate, and we want to thank Senators Dianne Feinstein and Barbara Boxer for listening to the needs of institutional investors and supporting our efforts to strengthen accountability, transparency, and trust in our markets,” said Feckner.
Joe Dear, CalPERS Chief Investment Officer said, “Thanks to Senator Schumer, the Senate-passed bill removes any doubt that the Securities and Exchange Commission can issue rules that ensure institutional investors can access the corporate proxy -- the single most powerful tool to improve corporate governance in America’s boardrooms. Proxy access is a meaningful way to boost accountability and transparency on corporate boards.”
CalPERS is an investor in more than 9,000 publicly traded companies and is the nation’s largest public pension fund with $203 billion in assets. The pension fund administers retirement benefits for more than 1.6 million active and retired State, public school, and local public agency employees and their families on behalf of 2,600 California public employers.
For more information about CalPERS, visit www.calpers.ca.gov. For additional CalPERS corporate governance information, visit www.calpers-governance.org.
