CalSTRS Applauds House Action on Regulatory Reform
Investor Protection Act of 2009 aims to hold corporate boards more accountable.
WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) today hailed House approval of the Wall Street Reform and Consumer Protection Act of 2009 as an important step to help avoid a repeat of the nation’s financial crisis.
The House voted 223 to 202 to pass financial regulatory reform legislation contained in HR 4173, which includes provisions championed by CalSTRS aimed at holding corporate boards more accountable.
“We need these regulatory safeguards to shut the door on another financial crisis,” said Anne Sheehan, corporate governance director at CalSTRS.
The measure contains an amendment by California Congresswoman Maxine Waters (D-Los Angeles) which paves the way for shareholders, such as CalSTRS, to nominate corporate directors. The provision was adopted during the House Financial Services Committee debate last month and ensures that the corporate boards are focused on promoting the long-term interests of the business and shareholders.
The California State Teachers’ Retirement System, with a portfolio valued at $127.5 billion, is the second largest public pension fund in the United States. It administers retirement, disability and survivor benefits for California’s 833,000 public school educators and their families from the state’s 1,400 school districts, county offices of education and community college districts and pays benefits of more than $8 billion annually.