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
| Date | Addressed to | Subject (Click to download) |
|---|---|---|
| September 1, 2023 | Emmanuel 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, 2023 | Public 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, 2023 | U.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, 2023 | Federal Trade Commission | [Comment on the Proposed Non-Complete Clause Rulemaking](https://www.calstrs.com/files/6e5cb41de/RequestForCommentOnProposedNon-CompeteClauseRulemaking.pdf) |
| February 14, 2023 | Public 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, 2023 | Administrator 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
| Date | Addressed to | Subject (Click to download) |
|---|---|---|
| July 29, 2022 | Emmanuel 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
| Date | Addressed to | Subject (Click to download) |
|---|---|---|
| June 17, 2022 | Vanessa A. Countryman, Secretary | [The Enhancement and Standardization of Climate-Related Disclosures for Investors](https://www.calstrs.com/files/1a625d9da/SECCommentLetterOnClimateDisclosureRule.pdf) |
| March 2, 2022 | Vanessa A. Countryman, Secretary | [Pay for performance](https://www.calstrs.com/files/6d0017061/PayForPerformance-March2022.pdf) |
2021
Legislative letters
| Date | Addressed to | Subject (Click to download) |
|---|---|---|
| October 5, 2021 | Rep. 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
| Date | Addressed to | Subject (Click to download) |
|---|---|---|
| September 8, 2021 | Bureau of Alcohol, Tobacco, Firearms, and Explosives | [Criteria for Firearms with Attached Stabilizing Braces](https://www.regulations.gov/comment/ATF-2021-0002-206640) |
| September 3, 2021 | CFA 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, 2021 | Bureau of Alcohol, Tobacco, Firearms, and Explosives | [New Definition of Firearm Frame or Receiver](https://www.regulations.gov/comment/ATF-2021-0001-220486) |
| July 29, 2021 | Erkki 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, 2021 | Public 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
| Date | Addressed to | Subject (Click to download) |
|---|---|---|
| June 4, 2021 | Gary Gensler, Chair | [Public Input on Climate Change Disclosures](https://www.calstrs.com/files/023f94553/secletteronclimatechangedisclosure.pdf) |
2020
Regulatory letters
| Date | Addressed to | Subject |
|---|---|---|
| December 22, 2020 | Erkki 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, 2020 | Employee Benefits Security Administration | [Fiduciary Duties Regarding Proxy Voting and Shareholder Rights](https://www.calstrs.com/files/64c6b2296/fiduciarydutiesregardingproxyvoting.pdf) |
| September 28, 2020 | The Financial Conduct Authority | [UK Proposals to Enhance Climate-related Disclosures](https://www.calstrs.com/files/edad0faee/fcaproposalsonclimatedisclosure.pdf) |
| September 5, 2020 | Ontario 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, 2020 | European Supervisory Authorities (ESA) | [European Supervisory Authorities Joint Consultation on ESG Disclosures](https://www.calstrs.com/files/fb4625d96/jointesaconsultationonesgdisclosures.pdf) |
| July 30, 2020 | U.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, 2020 | Federal 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
| Date | Addressed to | Subject |
|---|---|---|
| December 23, 2020 | Vanessa A. Countryman, Secretary | [Adopt Nasdaq Stock Exchange Board Diversity Listing Standards](https://www.calstrs.com/files/2277b8892/calstrs2020nasdaqdiversityrule.pdf) |
| August 21, 2020 | Chairman 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, 2020 | Securities 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
| Date | Addressed to | Subject |
|---|---|---|
| November 18, 2019 | Committee 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, 2019 | Committee 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
| Date | Addressed to | Subject |
|---|---|---|
| October 26, 2019 | Securities 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, 2019 | Securities 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, 2019 | Securities 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) |
2018
Regulatory letters
| Date | Addressed to | Subject |
|---|---|---|
| September 10, 2018 | Public Company Accounting Oversight Board | [PCAOB Draft Strategic Plan 2018-22](https://www.calstrs.com/files/328935140/2018-09-10_pcaob_strategic_plan_2018-22.pdf) |
Stock exchange letters
| Date | Addressed to | Subject |
|---|---|---|
| November 20, 2018 | New York Stock Exchange | [Request NYSE to Amend Listing Standards on Multi-class Shares – Sunset Provisions](https://www.calstrs.com/files/80122cf5a/2018-11-30_sunset_multiclass_shares_nyse.pdf) |
| November 20, 2018 | Nasdaq | [Request Nasdaq to Amend Listing Standards on Multi-class Shares – Sunset Provisions](https://www.calstrs.com/files/dc6377dd7/2018-11-30_sunset_multiclass_shares_nasdaq.pdf) |
| April 30, 2018 | Tokyo Stock Exchange and Financial Services Agency | [Revision of Japan’s Corporate Governance and Stewardship Codes](https://www.calstrs.com/files/11c9bd736/2018-04-30_rev_corp_gov_stewardship_code.pdf) |
| April 25, 2018 | Singapore Stock Exchange | [Proposed Listing Framework for Dual Class Share Structures](https://www.calstrs.com/files/10fbd5ca7/2018-04-25_dual_class_share_structures.pdf) |
| April 3, 2018 | Monetary Authority of Singapore | [Proposed amendments to the Singapore Exchange Listing Rules and Corporate Governance Code](https://www.calstrs.com/files/1b81f7933/2018-04-03_monetary_authority_cg_consultation.pdf) |
U.S. Securities and Exchange Commission letters
| Date | Addressed to | Subject |
|---|---|---|
| November 30, 2018 | Securities and Exchange Commission | [Roundtable on the Proxy Process, File Number 4-725](https://www.calstrs.com/files/b76a1d444/2018-11-30_proxy_process_roundtable.pdf) |
| February 1, 2018 | Securities and Exchange Commission | [Section 1504 of Dodd-Frank Act Disclosure of Payments by Resource Extraction Issuers](https://www.calstrs.com/files/ced0784d1/2018-02-01_calstrs_section_1504_extractive_industries_payment_disclosures.pdf) |