2011 News Releases

2011 News Releases

Overview
News release Ricardo Duran

Nine Pension Funds Seek Proxy Access Bylaw at Nabors Industries
Coalition cites record of excessive compensation, low accountability

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) is part of a group of nine public pension funds that has filed a shareholder resolution asking the board of directors of energy-drilling company Nabors Industries to grant substantial, long-term shareholders the right to nominate directors using the company’s proxy statement.

News release Ricardo Duran

Public School Educators Elect CalSTRS Trustees
The three member-representatives to the Teachers' Retirement Board will serve four-year terms

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) today announced the election of three members to the CalSTRS governing board by current public school educators.

The election results were certified by CalSTRS CEO Jack Ehnes and identified the two Board members elected by pre-kindergarten to twelfth grade educators as:

News release Ricardo Duran

CalSTRS Announces Global Macro Hedge Fund Advisor
Lyxor Asset Management will help CalSTRS develop its new Global Macro Hedge Fund strategy

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) today announced the selection of Lyxor Asset Management as its advisor in the development of a new global macro hedge fund strategy.

The selection of Lyxor concludes a 15-month selection process for a consultant to help CalSTRS investment staff initiate, monitor and assess its global macro hedge fund strategy.

News release Ricardo Duran

CalSTRS Releases Analysis of Governor’s Pension Reform Proposal

WEST SACRAMENTO, CA – CalSTRS Staff drafted an analysis of the Governor’s 12-point pension reform proposal, which Deputy CEO Ed Derman presented to the Conference Committee on Public Employee Pensions at its December 1, 2011 hearing. The CalSTRS Board has not taken a position on the Governor’s pension reform proposal.

For CalSTRS, the most significant reform that wasn’t included in the Governor’s proposal is a plan of action to address the system’s $56 billion long-term funding shortfall, which only the Legislature and Governor have the authority to develop and implement.

News release Ricardo Duran

CalSTRS Headquarters Achieves Platinum Certification for Leadership in Energy and Environmental Design
West Sacramento building recognized by the U.S. Green Building Council with highest sustainability certification in the world

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) announced today that its headquarters building received the U.S. Green Building Council’s (USGBC) Platinum certification in Existing Building and Operations Maintenance (EB:OM) for Leadership in Energy and Environmental Design, otherwise known as LEED®. Platinum is the highest sustainability rating the USGBC offers.

News release Ricardo Duran

CalSTRS Statement on the Appointment of Ralph Whitworth To Hewlett-Packard’s Board of Directors
CalSTRS applauds corporate governance partner named to technology company board

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) applauds the appointment of its longtime corporate governance partner, Ralph Whitworth, to the Hewlett-Packard Board of Directors.

The California State Teachers’ Retirement System (CalSTRS) applauds the appointment of its longtime corporate governance partner, Ralph Whitworth, to the Hewlett-Packard Board of Directors.

News release Ricardo Duran

Study Finds Pensions Improve Quality of California’s Public Education System, Reduce Turnover Costs
Pensions helped retain 1,825 California teachers, saving the state more than $26 million

WEST SACRAMENTO, CA – A national study analyzing the effectiveness of defined benefit pensions on teacher retention and productivity found that pensions play a critical role in recruiting and retaining highly productive California teachers.

This increases California’s school effectiveness, thereby benefitting students, according to the study titled, “Three Rs of Teacher Pension Plans: Recruitment, Retention, and Retirement,” issued by the National Institute on Retirement Security (NIRS).

News release Ricardo Duran

CalSTRS CEO Jack Ehnes Receives Lifetime Achievement Award

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) announced today that Chief Executive Officer, Jack Ehnes, received the 2011 Employee Benefit Research Institute (EBRI) Lillywhite Award, recognizing outstanding lifetime service and contributions to Americans’ economic security.

The award was presented to Ehnes at an event held by Pensions & Investments in San Francisco.

Statement Ricardo Duran

CalSTRS Statement Regarding News Corp. Annual Meeting

While CalSTRS is disappointed with the outcome of today’s News Corp. annual meeting, we are not surprised, given the disenfranchisement of certain shareholders.

However, we are heartened by the strong showing of support for governance changes at the company. The high number of withholds for certain directors demonstrates the strong desire of unaffiliated shareholders, such as CalSTRS, for a more independent board. In addition, the large negative vote on News Corp.’s say-on-pay proposal shows a greater need for alignment of interest between shareholders and management.

News release Ricardo Duran

CalSTRS Corrects District Reporting Error Accounting for $844,000 in Pension Overpayments
Yuba Community College District beneficiaries scheduled to receive adjusted benefit amounts

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) announced today its determination that the Yuba Community College District incorrectly reported compensation to CalSTRS that resulted in $844,000 in pension overpayments, otherwise known as pension spiking, to 44 benefit recipients. Pension spiking is defined as the inflation of pay during the final compensation period for the purpose of increasing the pension benefit.

News release Ricardo Duran

CalSTRS Welcomes Chief Auditor
MaryAnn Campbell-Smith hired to oversee Audit Services at CalSTRS

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) announced today it has hired MaryAnn Campbell-Smith as its Chief Auditor, effective October 10, 2011.

Campbell-Smith has been a Certified Public Accountant since 1988 and has more than 30 years of auditing and management experience.

She comes to CalSTRS from the California Department of Transportation, where she was initially responsible for internal audits of department programs and later directed audits of the department’s for-profit contractors and local government agencies.

News release Ricardo Duran

CalSTRS Leaders Named Among Most Influential in Corporate Governance
CEO Jack Ehnes and Corporate Governance Director Anne Sheehan are named on the NACD 100 most influential corporate governance leaders list

WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) announced today the naming of Chief Executive Officer Jack Ehnes and Director of Corporate Governance Anne Sheehan to the National Association of Corporate Directors’ list of the 100 most influential corporate governance professionals for 2011.