Mark Anson, Chief Investment Officer for CalPERS, has sent a letter to the Fortune 100 company chief executive officers in the United States asking for detailed information on any directors and senior management who hold a financial interest in a company that provides services to the corporation or its subsidiaries.
"Conflicts of interest can affect decision making and threaten shareowners interests and the long-term viability of public corporations," said Anson. "Corporate directors and senior management have a duty of loyalty to the corporations they serve. Personal economic interests of a director or senior management should not influence in any way their corporate decisions."
The request comes following recent news reports about directors and officers at large companies having questionable conflicts of interests. CalPERS asked companies for the following specific information:
- The name of any entity in which any present director or member of senior management has an economic interest that has done any business with the company;
- The nature of the business relationship; and
- Any policies or procedures that the company has in place governing these transactions.
