January 21, 2005 |
Amid a growing public uproar over the way it invests its money, the California Public Employees' Retirement System is expected to toughen its 6-month-old policy requiring outside investment managers to more fully disclose their relationships with the intermediaries who pitch their products. The tougher proposals are to be discussed by the CalPERS board today as the country's largest government pension fund overhauls the way it manages its massive investments, which total $200 billion.
December 14, 2004 |
The reports of Sean Harrigan's demise weren't premature after all. The activist's effort to regain a seat on the California Public Employees' Retirement System board ended Monday when Assembly Speaker Fabian Nunez reappointed a veteran Los Angeles labor leader to the influential pension board. National labor leaders had asked Democrats in the Legislature to tap Harrigan for another term and Harrigan himself lobbied Nunez. But Nunez (D-Los Angeles) named Mike Quevedo Jr.
December 6, 2004 |
Like a gang of schoolyard bullies, business leaders nationwide are gloating over the ouster of CalPERS President Sean Harrigan, as though they want to claim credit for hanging his pelt on the wall. The U.S. Chamber of Commerce, for example, cynically praised the removal of Harrigan, who had become one of the country's leading spokesmen for shareholder rights, as providing "hope for California retirees and shareholders."
December 3, 2004
It was with sadness that I read that Sean Harrigan, president of the California Public Employees' Retirement System, was being ousted by fellow board members as a result of lobbying from members of Gov. Arnold Schwarzenegger's administration (Nov. 30). As he leaves CalPERS, Harrigan's efforts to use the clout of the nation's largest public pension fund to insist on corporate reforms will be sorely missed. In addition to improving the rate of return for California state employee pensioners, his efforts increased the rate of return for all investors.
December 2, 2004 |
Sean Harrigan was ousted Wednesday as the president of the California Public Employees' Retirement System board, marking the unseating of one of corporate America's most nettlesome critics. Harrigan's downfall came at the hands of an obscure agency, the state Personnel Board, which voted 3 to 2 to remove him as its representative to the $177-billion pension fund. The move is effective Jan.
December 1, 2004 |
People inside and outside the California Public Employees' Retirement System said Tuesday that they did not believe the expected departure of President Sean Harrigan would damp the pension fund's penchant for corporate activism. Harrigan told the Los Angeles Times this week that the state Personnel Board would vote today to replace him as its representative on the 13-member CalPERS board. He said the administration of Gov.
June 15, 2004 |
The California Public Employees' Retirement System, the biggest U.S. pension fund, on Monday objected to Anthem Inc.'s proposed acquisition of WellPoint Health Networks Inc. because it includes "excessive pay packages" for WellPoint executives.
May 23, 2004 |
The genius of the U.S. Constitution, as every schoolchild learns, is the simple concept of checks and balances among the executive, legislative and judicial branches of government. In the world of corporate governance, the checks and balances on executives historically have been supplied by company directors and by state and federal regulators. But as we learned with the rash of corporate financial scandals of the last few years, directors and regulators can doze off at the wheel.
May 16, 2004
Give the California Public Employees' Retirement System credit for this much -- it knows how to stick by a bluff when it's been called ("CalPERS Blasts Safeway Decision to Retain Burd," May 4). First, the pension fund succumbed to pressure from its union-influenced board members and attacked Safeway Inc., insisting the company make its board more independent. Analysts and others called this move a bold attempt by organized labor to accomplish through its friends on the pension fund board what it failed to do on the picket line or at the bargaining table.
April 30, 2004 |
California's Republican Party criticized the state's giant CalPERS pension fund Thursday, suggesting that board members be fired for putting a social agenda ahead of profit. "Like Donald Trump after a long day of watching tycoon wannabes struggle to gain his approval, CalPERS board members are trying to hand out pink slips to the directors at 90% of the companies in which the fund owns shares," the Republicans said in a statement. "How unfortunate that the 1.