CalSTRS Joins Oversight Board of The Principles For Responsible Investment Initiative
CalSTRS CIO Christopher J. Ailman has been named to the PRI Association Board.
WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System (CalSTRS) today announced that Chief Investment Officer Christopher J. Ailman will join the Principles for Responsible Investment Association Board.
The Association Board oversees the Secretariat of the Principles for Responsible Investment Initiative (PRI), a United Nations-supported network of international investors working to put six principles for responsible investment into practice.
These principles reflect the view that environmental, social and governance (ESG) issues can affect the performance of investment portfolios and so must be given appropriate consideration by responsible long-term investors.
The Association Board provides the fiduciary roadmap for the PRI Association Ltd., the legal entity which runs the PRI. It provides oversight of the Secretariat and comprises at least seven directors, a majority of which represent asset owners, such as CalSTRS. The Association Board members serve three-year terms and are subject to annual performance reviews.
The Association Board meets three to four times annually in person with an additional four teleconference meetings. Ad hoc meetings are also held to address urgent issues.
“CalSTRS, as an asset owner and investor with a global reach, has invested consistent with , making it a natural fit with the PRI ethos,” said CalSTRS’ Mr. Ailman. “As an organization, we were an early signatory to the PRI and are honored to have the opportunity to contribute to this instrumental oversight body to help guide global investment practices toward greater sustainability and thoughtful growth.”
The Association Board’s members are chosen by a committee of a separate PRI governing body, known as the PRI Advisory Council’s Nominating Committee. The Nominating Committee also has the authority to remove a member of the Association Board.
The current PRI Association Board members include:
- Glen Saunders, PRI Association Board chair and Chair of Social Enterprise Finance Australia Ltd. (SEFA)
- Else Bos, CEO, Dutch pension fund manager PGGM
- David Atkin, CEO, Australian Construction and Building Unions Superannuation (Cbus)
- David Russell, Co-Head of Responsible Investment, Universities Superannuation Scheme (USS)
- Priya Mathur, Board Member, CalPERS
- Dr. Wolfgang Engshuber, PRI Advisory Council chair
The California State Teachers’ Retirement System, with a portfolio valued at $176.4 billion as of November 30, 2013, is the largest educator-only pension fund in the world. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans. CalSTRS also provides disability and survivor benefits. CalSTRS serves California’s public school educators and their families, who today number 862,000 from the state’s 1,600 school districts, county offices of education and community college districts.