RI has partnered with the Committee on Workers Capital (CWC) to publish a series of CWC Trustee Profile interviews with union-nominated pension fund trustees that touch on the role of individual board members in driving innovation around responsible investment at their funds. This installment is with Sharon Hendricks, Vice-Chair of the CalSTRS Board of Trustees.
SACRAMENTO – The California State Teachers’ Retirement System has announced the selection of Christine Ford as the Deputy Chief Executive Officer for Administrative Services. Ford, a certified public accountant and former auditor who is currently a deputy director at the California Department of Aging, will begin her new position at the nation’s third-largest public pension fund on January 19, 2004.
The Securities and Exchange Commission needs to hear from California’s educators – the individual shareholders of the CalSTRS investment portfolio – in regard to rule S7-19-03, which gives shareholders the right to nominate their own candidates to replace unresponsive and irresponsible board members during elections. Simple logic dictates that, faced with the possibility of removal, directors will be forced to pay greater attention to the issues that matter to shareholders.
SACRAMENTO — In a historic, first-time-ever vote, current California educators elected three members to the governing body of the California State Teachers’ Retirement System.
In election results announced today, the two board representatives of kindergarten through twelfth grade educators are:
Washington, DC — Four of the nation’s most powerful public pension funds, in a heightened response to the Putnam mutual fund scandal, announced they are using an anticipated Securities and Exchange Commission (SEC) rule to more easily nominate and elect better leadership on Putnam’s parent company board.
Sacramento, CA – The California State Teachers’ Retirement System announced today it has terminated its relationship with Putnam Investments.
Putnam has recently come under scrutiny for failing to act when its compliance office reported improper trading activities. Although the infractions did not directly affect the CalSTRS portfolio, CalSTRS Chief Investment Officer Christopher Ailman said at today’s Investment Committee meeting he has concluded there were other fund managers who could better service the account.
Sacramento, CA – The California State Teachers’ Retirement System has announced the selection of three investment management firms for its newly established External Equities Developing Manager Program: FIS Funds Management, Inc., of Philadelphia, Penn.; Northern Trust Global Advisors, Inc., of San Francisco; and Russell Investment Group of Tacoma, Wash.
Sacramento, CA – The California State Teachers’ Retirement System today sent a letter to the Securities and Exchange Commission criticizing the reform proposal for the New York Stock Exchange that was recently approved by NYSE members. The proposal is now facing review by the SEC, which has the power to ultimately ratify or reject it.
SACRAMENTO — Governor Gray Davis has named Silvia Saucedo as a member of the Teachers’ Retirement Board. Saucedo was appointed to the public representative seat on the 12-member governing body for the California State Teachers’ Retirement System.
Saucedo is an attorney for the law firm of Allen, Matkins, Leck, Gamble & Mallory, LLP, in downtown Los Angeles. She specializes in real estate and land use.
Sacramento, CA – Christopher J. Ailman, Chief Investment Officer, California State Teachers’ Retirement System, issued the following statement regarding the discussion held today by the Teachers’ Retirement Board about CalSTRS’ relationship with Putnam Investments:
“The Board expressed its deep concern regarding recent events at Putnam Investments and directed investment staff and the Board’s investment consultant to expeditiously determine whether CalSTRS’ existing relationship with Putnam is in the best interests of the System.”
A new law provides retirement incentives that increase monthly benefits for members of the CalSTRS Defined Benefit (DB) Program retiring from school districts that agree to offer the benefit. These two retirement incentive programs would increase either one or two of the elements used in calculating your CalSTRS service retirement benefit.
The law, Chapter 313, Statutes of 2003 (AB 1207—Corbett), allows an eligible member employed by a participating district to receive either:
The California State Teachers’ Retirement System has filed a lawsuit against the state to restore a $500 million contribution cut in Senate Bill 20x. The contribution supports supplemental payments made to approximately 63,000 retired educators and their survivors. These quarterly payments are made when inflation erodes a recipient’s monthly benefit below 80 percent of its original consumer purchasing power.
The Securities and Exchange Commission took a major step today in recognizing that shareholders have a fundamental right to have access to the proxy. However, questions remain as to the triggers that are being proposed; we need triggers that are responsive to the corporate crises of the past year, and we must define appropriate threshold s for these triggering events. The final rule should be sensitive to the very issues concerning corporate financial malfeasance that have plagued our markets.
Sacramento, CA – The California State Teachers’ Retirement System has called for a reform of the current governance structure of the New York Stock Exchange in a letter sent to H. Carl McCall and Leon Panetta, the co-chairs of the Special Committee on Governance for the Exchange.
Jack Ehnes, CalSTRS chief executive officer and signer of the letter, outlined recommendations for reform in the areas of board independence, committee structure, regulatory responsibilities and transparency. The recommendations include:
SACRAMENTO – The California State Teachers’ Retirement System has surpassed the $2 billion mark for investing in the state’s urban and rural communities to help promote economic growth.
As of June 30, CalSTRS investments in these communities totaled $2.08 billion, or more than 2 percent of the system’s approximately $100 billion pension fund. This milestone is the first time CalSTRS has exceeded its goal of putting 2 percent of its investment into California’s emerging communities.
SACRAMENTO – Homestore Inc. has agreed to reform its corporate policies and to pay approximately $64 million in cash and stock to settle a class action lawsuit accusing the Internet real estate company of falsifying financial statements and engaging in accounting irregularities.
SACRAMENTO—In another sign the economy is on the rebound, the California State Teachers’ Retirement System recorded its first positive portfolio return in three years. The nation’s third largest public pension fund posted a 3.4 percent return, with assets totaling $100 billion, for the fiscal year ending June 30.
The state Senate will vote on AB 265 by July 1 so please call or email your state senator today. Tell your Senator you want to keep the Supplemental Benefit Maintenance Account stable and secure by passage of AB 265.
Sacramento, CA – The California State Teachers’ Retirement System today called on its members and other shareholders to join it in supporting the Securities and Exchange Commission’s upcoming study of proxy rules. The SEC is soliciting public views through June 13.To assist interested parties in e-mailing comments to the SEC, CalSTRS posted a suggested message and submission instructions on its Web site, www.calstrs.ca.gov.
Sacramento, CA – The California State Teachers’ Retirement System today launched a search for one or two fund-of-funds managers to invest in a $100 million portfolio of private equity new and next generation managers. Final filing date for investment offerings is July 7. A copy of the Private Equity Investment Search document is available in the Investments section of the CalSTRS Web site, www.calstrs.ca.gov.
Washington, DC – A cross-section of institutional investors, state treasurers and labor unions said today that an extraordinary shareholder vote at Thursday’s Ingersoll-Rand annual meeting proves momentum is building in the campaign to get American companies to return to U.S. soil from their off-shore tax sanctuaries.
