WSJ – America’s largest public pension fund, Calpers, said its board tightened rules regarding board members’ communications about investment proposals and gave the board president authority to discipline members who violate policy.
Board members of the California Public Employees’ Retirement System, which manages $200 billion, will be required to refer communication about existing or potential investments to the fund’s chief investment officer. They are to refrain from advocating action concerning an investment with Calpers staff outside a board or committee meeting.
