|
Sacramento, CA – The California State Teachers’ Retirement
System today called on Congress to adopt the tough protections in the
Public Company Accounting Reform And Investor Protection Act of 2002,
recently passed by the Senate. CalSTRS sent a letter urging passage of
the act to each member of the House-Senate Conference Committee working
out differences between the act and actions taken earlier by the House
of Representatives.
The 2002 Investor Protection Act, adopted by the Senate by a 97-0 vote,
addresses many of the market reforms CalSTRS had identified earlier as
necessary to restore investor confidence. Those provisions include limits
on non-audit activities of auditing firms, strengthening of corporate
officer accountability and policies to avoid conflicts of interest between
a firm’s analysts and investment bankers.
“We’ve suffered through a troubling year that borders on a
national tragedy. Fortunately the will is in Congress for change; the
question is how much,” said Jack Ehnes, CalSTRS Chief Executive Officer.
“CalSTRS has long called for strong action and we’re glad to
see that in the Senate bill. I hope other investors agree and join us
in supporting the 2002 Investor Protection Act in its present form.”
CalSTRS, with a $100 billion investment portfolio, administers retirement,
disability and survivor benefits for California’s public school educators
in grades kindergarten through community college, serving approximately
687,000 members and benefit recipients.
Click here to view letter
|
