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Legislative & regulatory letters

Corporate governance means being good stewards of our beneficiaries’ capital-protecting and growing our investments.

In addition to engaging companies, we comment on regulatory policy and legislation.

We advocate for rules and regulations promoting good governance and improving transparency and safety of the market.

We advocate for state, federal and global legislation by working closely with regulatory and advisory industry bodies on updates in the governance arena to improve disclosures and raise governance standards.

We also work to oppose regulation and legislation that would weaken our rights as shareholders. 

2022 

U.S. Securities and Exchange Commission letters

DateAddressed toSubject (Click to download)
June 17, 2022Vanessa A. Countryman, Secretary[The Enhancement and Standardization of Climate-Related Disclosures for Investors](https://www.calstrs.com/files/1a625d9da/SECCommentLetterOnClimateDisclosureRule.pdf)
March 2, 2022Vanessa A. Countryman, Secretary[Pay for performance](https://www.calstrs.com/files/6d0017061/PayForPerformance-March2022.pdf)

 

2021 

Legislative letters

DateAddressed toSubject (Click to download)
October 5, 2021Rep. Maxine Waters and Rep. Patrick T. McHenry[Support for Draft Bill that would improve governance of multi-class stock companies and require annual diversity disclosures](https://calstrs-pensionx-web.specialdistrict.org/files/4609fa6e1/commentletterondual-classsharesanddiversity.pdf)

Regulatory letters

DateAddressed toSubject (Click to download)
September 8, 2021Bureau of Alcohol, Tobacco, Firearms, and Explosives[Criteria for Firearms with Attached Stabilizing Braces](https://www.regulations.gov/comment/ATF-2021-0002-206640)
September 3, 2021CFA Institute[Support for CFA Institute Diversity, Equity, & Inclusion Code for the Investment Profession in United States and Canada (2021)](https://calstrs-pensionx-web.specialdistrict.org/files/d3baddabc/cfa-draftcodeinvestmentprofession.pdf)
August 18, 2021Bureau of Alcohol, Tobacco, Firearms, and Explosives[New Definition of Firearm Frame or Receiver](https://www.regulations.gov/comment/ATF-2021-0001-220486)
July 29, 2021Erkki Liikanen, Chair, International Financial Reporting Standards (IFRS) Foundation[Constitutional Amendments to Establish an International Sustainability Standards Board (ISSB)](https://calstrs-pensionx-web.specialdistrict.org/files/9813ded94/constitutionalchangesforissb.pdf)
July 12, 2021Public Company Accounting Oversight Board (PCAOB)[Public Input on Proposed Rule Governing Board Determinations Under the Holding Foreign Companies Accountable Act](https://calstrs-pensionx-web.specialdistrict.org/files/e02c9674f/holdingforeigncompaniesaccountableactinput.pdf)

U.S. Securities and Exchange Commission letters

DateAddressed toSubject (Click to download)
June 4, 2021Gary Gensler, Chair[Public Input on Climate Change Disclosures](https://calstrs-pensionx-web.specialdistrict.org/files/023f94553/secletteronclimatechangedisclosure.pdf)

 

2020 

Regulatory letters

DateAddressed toSubject
December 22, 2020Erkki Liikanen, Chair International Financial Reporting Standards (IFRS) Foundation[Sustainability Reporting – Establishing a Sustainability Standards Board](https://calstrs-pensionx-web.specialdistrict.org/files/261373aa8/establishingsustainabilitystandardsboard.pdf)
October 5, 2020Employee Benefits Security Administration[Fiduciary Duties Regarding Proxy Voting and Shareholder Rights](https://calstrs-pensionx-web.specialdistrict.org/files/64c6b2296/fiduciarydutiesregardingproxyvoting.pdf)
September 28, 2020The Financial Conduct Authority[UK Proposals to Enhance Climate-related Disclosures](https://calstrs-pensionx-web.specialdistrict.org/files/edad0faee/fcaproposalsonclimatedisclosure.pdf)
September 5, 2020Ontario Capital Markets Modernization Task Force[Sign-On Letter - Improving Issuers' ESG Performance & the Regulatory Structures](https://calstrs-pensionx-web.specialdistrict.org/files/e3574f29e/usinvestorlettertomodernizationtaskforce.pdf)
September 1, 2020European Supervisory Authorities (ESA)[European Supervisory Authorities Joint Consultation on ESG Disclosures](https://calstrs-pensionx-web.specialdistrict.org/files/fb4625d96/jointesaconsultationonesgdisclosures.pdf)
July 30, 2020U.S. Department of Labor, Jeanne Klinefelter Wilson, Assistant Secretary [DOL Amendments to How Retirement Plans Use ESG Funds](https://calstrs-pensionx-web.specialdistrict.org/files/6727bd730/amendmentstohowretirementplansusefunds.pdf)
July 21, 2020Federal Reserve System, Honorable Jerome H. “Jay” Powell, Chairman, Board of Governors[Sign-on Letter Regarding Financial Regulators for Action on Climate Risk](https://calstrs-pensionx-web.specialdistrict.org/files/19976bbce/federalregulatorssignonletter.pdf)

U.S. Securities and Exchange Commission letters

DateAddressed toSubject
December 23, 2020Vanessa A. Countryman, Secretary[Adopt Nasdaq Stock Exchange Board Diversity Listing Standards](https://calstrs-pensionx-web.specialdistrict.org/files/2277b8892/calstrs2020nasdaqdiversityrule.pdf)
August 21, 2020Chairman Clayton and Secretary Countryman[Modernization of Regulation S-K Items 101, 103 and 105 - Follow-Up Letter](https://calstrs-pensionx-web.specialdistrict.org/files/2bfce4fd2/supplementtoregulations-k-101c.pdf)
February 3, 2020Securities and Exchange Commission – Vanessa A Countryman, Secretary[Proposed Rules on Proxy Advisors and Shareholder Proposal Submission Thresholds](https://calstrs-pensionx-web.specialdistrict.org/files/59b616840/2020-02-03-proxyvotingadviceandresubmissionthresholds.pdf)

 

2019 

Legislative letters

DateAddressed toSubject
November 18, 2019Committee on Financial Services[Letter of Support for the Investment Adviser Alignment Act](https://calstrs-pensionx-web.specialdistrict.org/files/93fb8723d/2019-11-18-investoralignmentact-waters-hearing.pdf)
January 23, 2019Committee on Financial Services[H.R. 625 Promoting Transparent Standards for Corporate Insiders Act](https://calstrs-pensionx-web.specialdistrict.org/files/91a4b6fd7/2019-1-23_hr_624_rule_10b5-1.pdf)

U.S. Securities and Exchange Commission letters

DateAddressed toSubject
October 26, 2019Securities and Exchange Commission – Vanessa A Countryman, Secretary[Modernization of Reg. S-K, Items 101, 103 & 105 – Human Capital Management Metrics](https://calstrs-pensionx-web.specialdistrict.org/files/16e622244/2019-10-26-sec-reg-s-k.pdf)
October 15, 2019Securities and Exchange Commission[CII Sign-on Letter Regarding Proxy Advisor Regulation](http://www.cii.org/files/issues_and_advocacy/correspondence/2019/201910015proxy_advisor_sign_on_final.pdf)
September 23, 2019Securities and Exchange Commission – Division of Corporation Finance[Letter to Director William Hinman on Rule 14a-8 No-Action Requests](https://calstrs-pensionx-web.specialdistrict.org/files/3ca0dbae4/2019-09-23-sec-no-action.pdf)

 

2018 

Regulatory letters

DateAddressed toSubject
September 10, 2018Public Company Accounting Oversight Board[PCAOB Draft Strategic Plan 2018-22](https://calstrs-pensionx-web.specialdistrict.org/files/328935140/2018-09-10_pcaob_strategic_plan_2018-22.pdf)

Stock exchange letters

DateAddressed toSubject
November 20, 2018New York Stock Exchange[Request NYSE to Amend Listing Standards on Multi-class Shares – Sunset Provisions](https://calstrs-pensionx-web.specialdistrict.org/files/80122cf5a/2018-11-30_sunset_multiclass_shares_nyse.pdf)
November 20, 2018Nasdaq[Request Nasdaq to Amend Listing Standards on Multi-class Shares – Sunset Provisions](https://calstrs-pensionx-web.specialdistrict.org/files/dc6377dd7/2018-11-30_sunset_multiclass_shares_nasdaq.pdf)
April 30, 2018Tokyo Stock Exchange and Financial Services Agency[Revision of Japan’s Corporate Governance and Stewardship Codes](https://calstrs-pensionx-web.specialdistrict.org/files/11c9bd736/2018-04-30_rev_corp_gov_stewardship_code.pdf)
April 25, 2018Singapore Stock Exchange[Proposed Listing Framework for Dual Class Share Structures](https://calstrs-pensionx-web.specialdistrict.org/files/10fbd5ca7/2018-04-25_dual_class_share_structures.pdf)
April 3, 2018Monetary Authority of Singapore[Proposed amendments to the Singapore Exchange Listing Rules and Corporate Governance Code](https://calstrs-pensionx-web.specialdistrict.org/files/1b81f7933/2018-04-03_monetary_authority_cg_consultation.pdf)

U.S. Securities and Exchange Commission letters

DateAddressed toSubject
November 30, 2018Securities and Exchange Commission[Roundtable on the Proxy Process, File Number 4-725](https://calstrs-pensionx-web.specialdistrict.org/files/b76a1d444/2018-11-30_proxy_process_roundtable.pdf)
February 1, 2018Securities and Exchange Commission[Section 1504 of Dodd-Frank Act Disclosure of Payments by Resource Extraction Issuers](https://calstrs-pensionx-web.specialdistrict.org/files/ced0784d1/2018-02-01_calstrs_section_1504_extractive_industries_payment_disclosures.pdf)

 

2017 

Legislative letters

DateAddressed toSubject
November 9, 2017Committee on Financial Services[Sign-on Letter regarding Proposed legislation Relating Proxy Advisory Firms](https://calstrs-pensionx-web.specialdistrict.org/files/11633540d/2017-11-09_cii_joint_letter_on_h.r._4015.pdf)
June 5, 2017United States House of Representatives[Letter of opposition to the Financial CHOICE Act of 2017](https://calstrs-pensionx-web.specialdistrict.org/files/28d1f8d4b/06-05-2017_maxine_financial_choice_act.pdf)
May 17, 2017United States House of Representatives[Sign-on Letter to CII’s opposition to the Financial CHOICE Act of 2017](https://calstrs-pensionx-web.specialdistrict.org/files/c183ec6ef/05-17-17_finchoice_letter_final_sign_on_cii.pdf)
April 25, 2017United States House of Representatives[Letter to Maxine Waters, Ranking Member, House Committee on Financial Services](https://calstrs-pensionx-web.specialdistrict.org/files/c1217aaeb/4-25-2017_the_financial_choice_act_waters.pdf)
January 10, 2017United States House of Representatives[H.R. 78, SEC Regulatory Accountability Act](https://calstrs-pensionx-web.specialdistrict.org/files/73fb25dc9/2017-01-10_jeb_hensarling_and_maxine_waters_h.r._78.pdf)

Regulaory letters

DateAddressed toSubject
December 29, 2017Sustainability Accounting Standards Board[Financial Sector: Asset Management & Custody Activities](https://calstrs-pensionx-web.specialdistrict.org/files/2ec5684eb/2017-12-29_calstrs_sasb_comment_letter.pdf)
December 15, 2017International Ethics Standards Board for Accountants[Code Pertaining to the Offering and Accepting Inducements by Auditors](https://calstrs-pensionx-web.specialdistrict.org/files/f2f4481d1/2017-12-15_iesba_inducement_calstrs_response.pdf)
September 9, 2017Public Company Accounting Oversight Board[Proposed Auditing Standard for Auditing Accounting Estimates, Including Fair Measurements](https://calstrs-pensionx-web.specialdistrict.org/files/0624112ba/2017-09-06_estimates_fair_value_measurements.pdf)
September 9, 2017Public Company Accounting Oversight Board[Proposed Amendments to Auditing Standards for Auditor’s Use of the Work of Specialists](https://calstrs-pensionx-web.specialdistrict.org/files/0702127a5/2017-09-06_use_of_specialists.pdf)
August 31, 2017MSCI Equity Index Committee[MSCI Consultation - Non-voting Shares](https://calstrs-pensionx-web.specialdistrict.org/files/fbcd819d3/8-31-17_msci_consultation_-_non-voting_shares.pdf)
August 9, 2017U.S. Environmental Protection Agency[EPA Oil and Natural Gas Sector Emission Standards](https://calstrs-pensionx-web.specialdistrict.org/files/fa8a79c68/2017-08-09_calstrs_epa_oil_and_natural_gas_sector_emission_standards.pdf)
July 13, 2017Financial Services Agency[Japanese Disclosure System Questionnaire](https://calstrs-pensionx-web.specialdistrict.org/files/6cba5e802/2017-07-13_calstrs-fsa_japan_disclosure_system_questionnaire.pdf)
May 6, 2017Financial Services Agency[Principles for Responsible Institutional Investors, Japan Stewardship Code](https://calstrs-pensionx-web.specialdistrict.org/files/6f84b8301/2017-05-06_final_calstrs-fsa_japan_stewardship.pdf)

Stock exchange letters

DateAddressed toSubject
August 17, 2017Hong Kong Exchanges and Clearing Limited[New Board on HKEX, Changes to GEM and Main Board Listing Rules](https://calstrs-pensionx-web.specialdistrict.org/files/3364ec8a9/2017-08-17_hkex_listing_stds_new_board_main_board.pdf)
August 1, 2017Nasdaq[Nasdaq Shareholder Approval Rules Rule 5635(d)](https://calstrs-pensionx-web.specialdistrict.org/files/77de07f52/2017-08-01_calstrs_nasdaq_shareholder_approval_rules_rule_5635d.pdf)
April 14, 2017Singapore Exchange Limited[SGX's Public Consultation on Dual Class Share Structure](https://calstrs-pensionx-web.specialdistrict.org/files/c948f36de/2017-04-14_calstrs_sgx_consultation_dual_class_share_structures.pdf)

U.S. Securities and Exchange Commission letters

DateAddressed toSubject
December 4, 2017Securities and Exchange Commission[Sexual Harassment and Misconduct](https://calstrs-pensionx-web.specialdistrict.org/files/25327d331/2017-12-04_chairman_clayton_board_disclosures.pdf)
August 23, 2017Securities and Exchange Commission[SEC PCAOB Audit Report Adoption](https://calstrs-pensionx-web.specialdistrict.org/files/14943b15a/2017-08-23_sec_pcaob_audit_report_adoption_calstrs.pdf)
July 10, 2017Securities and Exchange Commission[Human Capital Management Disclosures Rulemaking Petition](https://calstrs-pensionx-web.specialdistrict.org/files/c2ff68105/2017-07-10_jclayton_hcm_sec.pdf)
July 6, 2017Securities and Exchange Commission[Human Capital Management Coalition](https://calstrs-pensionx-web.specialdistrict.org/files/109e92054/2017-07-06_hcm_coalition.pdf)
June 27, 2017Securities and Exchange Commission[Human Capital Management Coalition](https://calstrs-pensionx-web.specialdistrict.org/files/02724c5bc/2017-06-27_human_capital_management_coalition.pdf)
March 22, 2017Securities and Exchange Commission[Pay Ratio Final Rule Implementaion](https://calstrs-pensionx-web.specialdistrict.org/files/60a806b31/2017-03-22_sec_calstrs_pay_ratio.pdf)
January 9, 2017Securities and Exchange Commission[S7-24-16, Proposed SEC Rule, Universal Proxies](https://calstrs-pensionx-web.specialdistrict.org/files/bac16df2d/2017-01-09_calstrs_sec_universal_proxy.pdf)