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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. 

2023 

Regulatory letters

DateAddressed toSubject (Click to download)
October 2, 2023U.S. Environmental Protection Agency[Comments on Proposed Greenhouse Gas Reporting Rule: Revisions and Confidentiality Determinations for Petroleum and Natural Gas Systems](https://www.calstrs.com/files/75e0c8ff9/ProposedGreenhouseGasReportingRule.pdf)
September 1, 2023Emmanuel Faber, Chair, International Sustainability Standards Board (ISSB)[Consultation on Agenda Priorities for 2-Year Work Plan](https://ifrs-springapps-comment-letter-api-1.azuremicroservices.io/v2/download-file?path=624_67467_California-State-Teachers-Retirement-System-CalSTRS-_0_Agenda-Priorities-California-State-Teachers-Retirement-System-CalSTRS-R-n-oDfGGrKZlbZx.pdf)
August 22, 2023Public Company Accounting Oversight Board (PCAOB)[Public Input on Auditing Standards for Company Noncompliance with Laws and Regulations](https://assets.pcaobus.org/pcaob-dev/docs/default-source/rulemaking/docket-051/137_calstrs.pdf?sfvrsn=79f6140c_4)
August 4, 2023U.S. Department of Transportation, Pipeline and Hazardous Materials Safety Administration (PHMSA)[Public Input on Auditing Standards for Company Noncompliance with Laws and Regulations](https://assets.pcaobus.org/pcaob-dev/docs/default-source/rulemaking/docket-051/137_calstrs.pdf?sfvrsn=79f6140c_4)
April 19, 2023Federal Trade Commission[Comment on the Proposed Non-Complete Clause Rulemaking](https://www.calstrs.com/files/6e5cb41de/RequestForCommentOnProposedNon-CompeteClauseRulemaking.pdf)
February 14, 2023Public Company Accounting Oversight Board (PCAOB)[Public Input on Proposed Rule Governing An Audit Firm's System of Quality Control](https://www.calstrs.com/files/b54baed6d/PCAOBRulemakingDocketMatterNo046-CommentLetter.pdf)
February 3, 2023Administrator Michael S. Regan (U.S. EPA)[Standards of Performance for New, Reconstructed, and Modified Sources and Emissions Guidelines for Existing Sources: Oil and Natural Gas Sector Climate Review](https://www.regulations.gov/comment/EPA-HQ-OAR-2021-0317-2152)

 

2022 

Regulatory letters

DateAddressed toSubject (Click to download)
July 29, 2022Emmanuel Faber, Chair, International Sustainability Standards Board (ISSB)[Exposure Drafts on General Requirements for Disclosure of Sustainability-related Financial Disclosures and Climate-related Disclosures](https://www.calstrs.com/files/42402af56/ISSBCommentLetteronClimateRelatedDisclosures.pdf)

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://www.calstrs.com/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://www.calstrs.com/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://www.calstrs.com/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://www.calstrs.com/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://www.calstrs.com/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://www.calstrs.com/files/261373aa8/establishingsustainabilitystandardsboard.pdf)
October 5, 2020Employee Benefits Security Administration[Fiduciary Duties Regarding Proxy Voting and Shareholder Rights](https://www.calstrs.com/files/64c6b2296/fiduciarydutiesregardingproxyvoting.pdf)
September 28, 2020The Financial Conduct Authority[UK Proposals to Enhance Climate-related Disclosures](https://www.calstrs.com/files/edad0faee/fcaproposalsonclimatedisclosure.pdf)
September 5, 2020Ontario Capital Markets Modernization Task Force[Sign-On Letter - Improving Issuers' ESG Performance & the Regulatory Structures](https://www.calstrs.com/files/e3574f29e/usinvestorlettertomodernizationtaskforce.pdf)
September 1, 2020European Supervisory Authorities (ESA)[European Supervisory Authorities Joint Consultation on ESG Disclosures](https://www.calstrs.com/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://www.calstrs.com/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://www.calstrs.com/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://www.calstrs.com/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://www.calstrs.com/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://www.calstrs.com/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://www.calstrs.com/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://www.calstrs.com/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://www.calstrs.com/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://www.calstrs.com/files/3ca0dbae4/2019-09-23-sec-no-action.pdf)