WEST SACRAMENTO, Calif. – The following statement is attributable to California State Teachers’ Retirement System (CalSTRS) Director of Corporate Governance Anne Sheehan:
“While CalSTRS is disappointed Trian did not prevail in their bid to seat a slate of nominees to the DuPont Board of Directors, we are encouraged by the changes Trian Partners have driven at the company. DuPont has acted on many of Trian’s early recommendations and, as partners with Trian, we are prepared to work from the outside toward long-term growth in collaboration with the board.
Adds Chief Operating Officer and Chief Financial Officer to those positions for which the Teachers’ Retirement Board has authority to establish desired competencies, set terms and conditions of employment and fix the compensation levels.
Clarifies the definition of service that can be reported to CalSTRS and includes CalSTRS membership for those in partial certificated positions. Remedies membership issues for individuals in classified positions who were erroneously reported to CalSTRS.
Consistent with existing authority set forth in the California State Constitution, authorizes the boards of the California State Teachers’ Retirement System and the California Public Employees’ Retirement System to enter into agreements, contracts or other arrangement for investment-related services under the boards’ terms and conditions in lieu of state contracting requirements.
Seeks to encourage the government of Turkey to acknowledge, and to reach resolution on reparations for survivors of, the Armenian Genocide by requiring the CalSTRS and CalPERS boards to divest of any investment vehicle issued by, owned, controlled or managed by the government of Turkey. Requires these boards, on or before January 1, 2017, and annually thereafter, to report to the Legislature any investments in a Turkish investment vehicle and the sale or transfer of those investments, subject to the fiduciary duty of these boards. Also indemnifies from the General Fund and holds harmless the present, former and future board members, officers and employees of and investment managers under contract with those retirement systems.
Requires the CalSTRS and CalPERS boards to engage with thermal coal companies, as defined, and to divest the public employee retirement funds of any investments in thermal coal companies; prohibits additional or new investments or the renewal of existing investments in thermal coal companies; and requires an assessment of the feasibility of divesting from additional fossil fuel investments, such as natural gas and petroleum.
Version: Amended 4/8/2015
Location: Senate Appropriations
Board Position: No position, but recommend amendments
Requests the President and the Congress of the United States to enact legislation repealing the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) from the Social Security Act.
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