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Article: California Controller Challenges Public Employees' Pension Fund.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- May 7, 2004
CopyrightCOPYRIGHT 2004 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Jim Evans, The Sacramento Bee, Calif. Knight Ridder/Tribune Business News
May 7--In a letter to the board of Cal-PERS Wednesday, state Controller Steve Westly challenged the influential pension fund's corporate governance policies, suggesting that they are ineffective in changing business practices.
Westly, who is on the board of the California Public Employees' Retirement System, took direct aim at the fund's aggressive proxy vote policies. In recent weeks, CalPERS has withheld votes for directors of 2,700 companies, or 90 percent of the companies in which it owns shares. Westly also sent a letter to the board of the California State Teachers' ...