Soon after news that Volkswagen had cheated on emissions tests became public in September 2015, cutting the German carmaker’s stock almost in half, Brian Bartow, the general counsel for the California State Teachers’ Retirement System, called Irwin Schwartz, a litigation lawyer.
“How badly did we get hurt?” asked Bartow from his Sacramento office.
West Sacramento’s riverfront skyline will get a new addition, with the California State Teachers’ Retirement System’s board committing Thursday to a new building alongside CalSTRS’ current 20-story headquarters.
In a unanimous vote, the board approved plans for a 275,000-square-foot building on what’s now parking for the existing building at 100 Waterfront Place.
The proxy voting system needs to be updated and reformed in order to enhance shareholder confidence and reliability, as well as give equity investors more options in contested ballots, industry stakeholders said. “There’s a consensus by all involved that the proxy voting system has to change,” said David A. Katz, partner at the law firm Wach-tell, Lipton, Rosen & Katz in New York. “It’s antiquated, it’s out of date, it doesn’t help anybody.”
Persuading asset owners to collaborate and work together is challenging, given the inherent competition for investments and returns. Yet a group of Australian investors speaking at the Fiduciary Investors Symposium at Stanford University proved that collaboration can create economies of scale and help reap rewards such as cheaper fees and improved access to opportunities.
Kirsty Jenkinson will be joining the $229.2 billion California State Teachers’ Retirement System as director of corporate governance, replacing Anne Sheehan, who retired in March, system spokesman Michael Sicilia said.
Integrating ESG into investment strategies is easier with active allocations than passive ones. Yet a panel of experts speaking at the PRI in Person conference in San Francisco argued that ESG integration in passive investment is getting easier and is set to grow.
The investment committee of the nation’s second-largest retirement plan, the California State Teachers’ Retirement System (CalSTRS), is expected to give approval later this month to a partial restructuring of its approximate $18.5 billion private equity program, the first step in what could be some major changes to the fifth-largest pool of invested private equity capital in the US.
The Council of Institutional Investors is petitioning the New York Stock Exchange and the NASDAQ to limit the listings of companies with dual-class structures, it announced during its Wednesday conference in New York.
With Tesla closer to transitioning from niche electric-car company to high-volume manufacturer than it’s ever been, discipline and focus have never been needed more. And with its ever-expanding need for funds and with billions of dollars of shareholder equity on the line, you’d think the turmoil sparked by CEO Elon Musk’s erratic public comments would have set off an ear-splitting alarm for its board.
For years, Tesla’s board remained almost invisible, staying behind the curtain as superstar Chairman and CEO Elon Musk guided the electric car maker to huge stock price increases. Now, given Musk’s recent questionable behavior, experts say it’s time for the board to step onstage and take action on the company’s leadership.
In the business world, as in so many other parts of society, views on gender are in a state of continuous evolution. It’s no longer enough for companies to merely have women on staff, nor to pay them equally, nor even to place them in the C-suite and the boardroom. The questions today revolve around how fully gender difference is integrated into the whole operation, across a wide range of factors.
As the $222.5 billion CalSTRS buttresses its ‘newish’ risk mitigation strategy — which grew to become a $20 billion asset class in 18 months — Carrie Lo is the solid and inquisitive portfolio manager leading the charge. She helped to establish the hedge fund incubation program five years prior, and gained knowledge to adjust RMS to generate or protect returns during a downturn based on Trend Following, Long Duration (currently U.S. Treasuries), Global Macro and Systematic Risk Premia allocations.
California State Teachers’ Retirement System (CalSTRS) believes it can maintain its return objectives for real estate over the coming 12 months, despite expecting capital appreciation in the asset class to slow or even stop.
For the fiscal year ending 30 June 2019, the pension fund has an absolute return objective of 7.7% and relative return objective to outperform the core US benchmark NFI-ODCE by 70bps.
Infrastructure fund managers have been told to “raise your game” if they want to win business from the UK’s growing defined-contribution (DC) pensions sector, according to the CIO of NEST.
Speaking at a conference in London, Mark Fawcett, who oversees the investment strategy of the UK’s biggest DC pension scheme by membership, said the infrastructure investment industry needed to “completely recalibrate” some of its thinking to “access DC investors in the UK”.
CBRE Global Investors and a pension fund client just acquired 615 South College, a new Class A office tower in Charlotte for $222 million.
The sale of the 19-story, 375,865-square-foot office tower developed by Atlanta-based Portman Holdings recorded in county records Tuesday. The new office building was completed in 2017 next to Charlotte’s popular Westin Hotel and houses co-working firm WeWork.
In the late 19th century, inventors including Thomas Edison created electric lighting that all but ended demand for kerosene, then the biggest product made from petroleum. Oil magnate John D. Rockefeller, the forefather of Exxon Mobil Corp., was unmoved, seeing any price dip as a chance to buy up competitors.
“We must try and not lose our nerve when the market gets to the bottom as some people almost always do,” the founder of Standard Oil instructed his senior management in 1884. “We will surely make a mistake if we do not buy.”
More than 130 years later, with renewable energy growing and electric vehicles threatening the future of gasoline-powered cars, the strategy of Exxon, Standard Oil’s biggest successor, is largely the same: double down on oil.
Jack Ehnes, chief executive of CalSTRS and chairman of the FTSE environmental markets committee, said on the panel that the Californian pension giant is working hard on ensuring companies produce consistent ESG data. He continued that in a month the US accounting standards body will release guidance on material risk factors, which he hopes will include ESG.
Barron’s caught up with Christopher Ailman at the Milken Institute Global Conference in Beverly Hills, Calif., this week to talk about guns, his push to make companies and investors think beyond a quarter, and what a Goldilocks market means for positioning.
Electronic privacy is crucial for the ongoing success of the Internet as a convenient means to provide customer service. Your personal information will be used only to conduct CalSTRS-related business.
The California State Teachers’ Retirement System website has been developed in compliance with California Government Code §11135, which requires that all electronic and information technology developed or purchased by the State of California is accessible to people with disabilities. There are various types of physical disabilities that impact user interaction on the web. Vision loss, hearing loss, limited manual dexterity, and cognitive disabilities are examples, with each having different means by which to access electronic information effectively.