7 Ways State & Local Pension Funds = Most Powerful State Voice on WallStreet

7 Ways that Pension systems in California directly impacted WallStreet:

CALPERS, The California Public Employees’ Retirement System, has:

• Led the campaign to unseat the head of the New York Stock Exchange because of his “runaway” compensation
• Led the charge against Disney Chairman Michael Eisner’s governance problems
• Directly resulted in 3 board resignations/removals due to governance failures at JPMorgan Chase & Co
• Fought a 3 year abattle to give Apple shareholders input in board elections
• IN 2014 it began divestment from Hedge Funds

Los Angeles County Employees’ Retirement Assn. fought successfully to:

• “destagger” many corporate board to improve baord accountability so that more than 1/3 of board seats were at risk at one time

University of California Regents and the San Francisco Employees’ Retirement System in 2003 brought fraud charges against Enron.

Where do California’s pensions find their strength? With a Size that “dwarfs” Texas & Claifornia pensions’ stock holdings are collectively & centrally managed.
 

Los Angeles Times | California’s most powerful voice on Wall Street? Its pensions