WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System’s Director of Corporate Governance Anne Sheehan was elected Chairman of the Securities and Exchange Commission’s Investor Advisory Committee today.
Ms. Sheehan was appointed as a member of the IAC when it was created in 2012, followed by her election as vice chairman in June 2015. Since April 2017, after Kurt Schacht left the committee, Ms. Sheehan has been acting chairman. In addition, Ms. Sheehan served as Chairman of the Investor as Owner Subcommittee from 2012 to 2014.
It has been more than two years ago, but the institutional investment industry is still coming to terms with US pension fund California Public Employees’ Retirement Scheme’s (CalPERS) decision to axe its hedge fund program.
In September 2014, the $300 billion fund said it would divest its hedge fund program, due to complexity, high fees and challenges to achieve substantial scale.
But the California State Teachers’ Retirement System (CalSTRS) is moving in a different direction.
A column on public pension reform in California earlier this month made bold assertions and painted all defined-benefit pensions with an extremely broad and critical brush. The California State Teachers Retirement System wants to set the record straight about important components that make up the big picture of CalSTRS’ public pension reality.
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