California pension fund seeks to boost its influence

SACRAMENTO — The board of California's giant public pension fund has voted to remove the limit on the number of shareholder proposals it can issue to companies in its portfolio.

Lifting the number of proposals its board can file each year means the fund's influence is likely to grow among publicly traded companies.

CalPERS, which holds about $200 billion in investments, is the nation's largest public pension fund. In the past, its board has pressured companies to make changes to executive compensation and to increase what it considers to be socially responsible investing.

Until Monday's vote, the CalPERS board was limited each year to 20 proposals related to executive compensation and 10 related to corporate governance.

Copyright 2010 The Associated Press.

blog comments powered by Disqus