Headlines about "Ret plan investments - social"

Gathered from the web by the editors at BenefitsLink.com.
Lawmakers Want Federal Employees to Have Socially Responsible Retirement Investment Options
"The Federal Employees Responsible Investment Act, sponsored by Rep. Jim Langevin, D-R.I., in the House and Sen. Sheldon Whitehouse, D-R.I., in the Senate, would require officials who administer the Thrift Savings Plan to create a 'corporate responsibility index' as an option in which TSP participants could invest.... While the socially responsible investments would offer the short-term advantage of providing participants 'an opportunity to invest in accordance with their values,' [a 2012 GAO report] said other benefits were 'unknown' and the option would not provide any additional portfolio diversification." (Government Executive)

Pension Funds Worry That Restrictions on Fossil Fuels Could Put Investments at Risk
"The International Energy Agency last year warned that if humanity is to have any hope of avoiding catastrophic climate change, a third of the world's fossil fuel reserves must be put off limits until 2050. That prompted HSBC Global Research to estimate that some oil giants could lose up to half their market value.... Now 70 investors that control $3 trillion in global assets want to know what 45 multinational oil, coal and mining companies intend to do about $6 trillion in potentially 'stranded assets.'" (Quartz)

Major Pension Funds Ask for Climate Change Study
"[L]eaders of 70 funds said they're asking 45 of the world's top oil, gas, coal and electric power companies to do detailed assessments of how efforts to control climate change could impact their businesses. 'Institutional investors must think over the long term, which means that we must take environmental risks into consideration when we make investments,' New York State Comptroller Thomas DiNapoli [said]. The state's Common Retirement Fund manages almost $161 billion of investments." (ABC News)

SEC to Unveil CEO Pay Ratio Rule, Adopt Municipal Adviser Rule
"U.S. corporations will need to disclose how their chief executive's paycheck compares to that of their average worker under a proposal set to be unveiled [today, September 18] by the [SEC].... [T]he SEC is [also] expected to adopt a reform that will allow it to oversee financial advisers to cities, counties and other municipal entities that sell public debt or manage public money. The rule will require advisers to register with the SEC and be held to a 'fiduciary' standard, or ensure they act in the best interest of customers." (Reuters)

[Opinion] Pension Fund Divestment Is No Answer to Russia's Homophobic Policies
"A group of California state senators ... has called for California's public employee pension plans to protest Russia's homophobic laws and policies by ceasing to make Russian investments. While the senators are right to denounce Russia's assault on human rights, they are wrong to call for the divestment of the Golden State's public pension funds. The divestment of pension funds is not a proper means of advancing this or any other political protest, as meritorious as such protest may be." (Prof. Edward Zelinsky, OUPblog)

CalPERS Pushed to Invest Through Minority Firms
"CalPERS is not investing enough money through minority-owned firms, two trade associations and several money managers say, and some want a legislative audit of 'unfair' decisions, particularly for lucrative private equity funds. The complaints caused CalPERS, which regards itself as an historic leader in investing with minority firms, to respond with plans for better communication with minority firms and a task force to look for ways to identify firms that will be successful." (Calpensions)

Is Your 401(k)'s Brokerage Option Right for You?
"Access to a brokerage option opens a whole universe of investments to plan participants, compared to the handful that may be available in the core lineup. However, a brokerage account may not be suitable for every investor. Here are a few important considerations: [1] Fees ... [2] Mutual Fund Minimums ... [3] Patience and Discipline." (Smart401k)

Gun Debate Revives Dispute Over Social Investing by Pension Funds
"Social investing taps into highly emotional issues, and tries to turn that emotion into action.... But is social investing fiscally responsible? Research suggests that funds that screen out companies based on social values tend to perform just as well as unscreened portfolios. At the same time, some individual funds' returns have been harmed by value-screening." (Governing)

New York City Pension Plans Sue BP Over Deepwater Horizon Losses
"'BP failed to disclose to shareowners the serious risks involved in its offshore drilling operation,' New York City Comptroller John Liu said ... 'After the spill began, it misleadingly attempted to minimize the extent of the damage and the cost to shareowners.' ... [A] spokesman for Mr. Liu, said ... that the pension plans owned 2.82 million shares of BP stock worth $19.3 million as of April 15 this year." (Pensions & Investments)

[Opinion] Teachers' Union Chief Tries to Veto Use of Mutual Funds Pushing Teacher Reforms
"Public pension funds are frantically chasing higher yields to reduce their roughly $3 trillion in unfunded liabilities. But don't tell that to Randi Weingarten, the teachers union el supremo, who is trying to strong-arm pension trustees not to invest in hedge funds or private-equity funds that support education reform.... To the extent that her causes interfere with getting higher returns from the best-performing investment funds, the trustees would be violating their duties and the law to take her bad counsel." (The Wall Street Journal)

CalSTRS Finalizes Divestments from Manufacturers of Illegal Guns
"Following the [initial] vote, CalSTRS staff met with officials of the gun manufacturers and asked them to stop making guns illegal in California, such as assault weapons and certain handguns and rifles. The companies refused. CalSTRS' holdings in gun manufacturers are relatively small: around $2.9 million total invested in two companies, Smith & Wesson and Sturm Ruger, through index funds." (Pensions & Investments)

Best Practices and Core Principles for the Development, Dispensation and Receipt of Proxy Advice (PDF)
"[A]nnual proxy solicitations increasingly have become a referendum on a growing and sometimes conflicting array of issues. ... We have set forth core principles and a series of specific improvements to serve as a basis for proxy advisory firms, public companies, and investment portfolio manager organizations to engage in a dialogue to create a system that brings transparency and accountability to proxy advisory firms and fosters strong corporate governance." (U.S. Chamber of Commerce's Center for Capital Markets Competitiveness)

[Opinion] In Favor of Stronger Gun Control Laws, But Against the Divestiture of Gun Stocks
"The case against the divestiture by public pension plans of the stocks of gun manufacturers is as strong as the case for stronger gun control laws.... However, pension fiduciaries are not investing their own money. Such fiduciaries should not use the funds under their control to pursue political agendas -- even political agendas with which [the author agrees].... For public pension fiduciaries to divest gun stocks is both futile and troubling. In a competitive market, such divestiture is an economically meaningless gesture." (Prof. Edward Zelinsky, OUPblog)

[Opinion] Pension Funds Improving Corporate Governance?
"Does it make sense for pension funds to go after powerful bankers and strip them of their titles to improve corporate governance? You bet it does and many individual investors will cheer them on. In the wake of the financial crisis, corporate governance will be a dominant theme." (Pension Pulse)

Pension Funds Call for Independent Chairman at J.P. Morgan Chase
"'Unchecked risk-taking and oversight failures have cost J.P. Morgan more than $6 billion in losses and seriously damaged its reputation,' John C. Liu, New York City comptroller, who oversees the city pension funds, said in the statement. 'Without an independent board chair, J.P. Morgan will be unable to restore investor confidence and ensure future compliance -- both integral to protecting and creating long-term value.'" (Pensions & Investments)

CalPERS to Divest from Manufacturers of Assault Weapons Illegal Under California Law
"CalPERS holdings represent a 'de minimus' value of less than one one-hundredth of one percent of the Fund's total assets. Related transaction costs are expected to have no impact on the Fund." (California Public Employees' Retirement System)

NY City Teachers Pension Fund Dumps Gun-Makers' Stocks
"[T]he $46.6 billion teachers pension fund owned about $13.5 million in the shares of five companies -- Alliant Techsystems Inc., Olin Corp., Forjas Taurus SA, Smith & Wesson Holding Corp., and Sturm, Ruger & Co. Inc.... [T]he boards of trustees of the other four city pension funds haven't made a decision on whether to keep or divest gun and ammunition stocks." (Pensions & Investments)

CalSTRS Fights Disney Over Executive Comp and Role of Board Chairman
"The $158 billion state pension, with 5.28 million Disney shares, will oppose an amendment to the company's stock incentive plan and cast a 'no' advisory vote on executive pay, according to a statement today. CalSTRS also will vote in favor of splitting the chairman and CEO roles in the future." (Bloomberg)

Los Angeles Pensions Decide to Divest from Assault Weapon Companies
"The measure instructs the city's three pension fund systems to report on their investments and begin the process of divesting from companies that produce, sell or market assault weapons, high-volume ammunition magazines, high-caliber ammunition and other firearms 'of a type used to inflict mass casualties'[.]" (The Huffington Post)

[Opinion] Operate Public Pensions for Security, Not Politics
"Every few years, politicians come up with the notion of using public pension funds to make political statements. The most recent incarnation is the effort to divest public pension and retirement plans from companies that make firearms.... Such responses have a powerful emotional appeal in the wake of the Newtown murders. And on a gut level, they might seem to make sense. But there are strong arguments not to use public pension plans to accomplish public policy goals. Divestiture will have no impact on the targeted companies and will create risks for already vulnerable plans.... Adding a new criterion to the investment decision may increase the likelihood of mistakes." (The New York Times; free registration required)

[Opinion] Chicago Plays Politics with Retirement Pensions
"Divesting assets to make a moral or political statement is nothing new. Decades ago, many public pension funds pulled their investments out of firms doing business in South Africa to protest apartheid.... However, it is one thing for an individual to make this decision about his or her own personal investments. That is the individual's personal choice. It is another thing for a city or state's pension board -- that is obligated to fully fund the promises made to its employees -- to jump ship and sell highly lucrative stocks at a potential loss. Regardless of one's moral or ethical viewpoint on guns, alcohol or tobacco, the decision of a pension board to divest without considering the performance of said assets is simply irresponsible and reprehensible." (National Center for Policy Analysis)

Philadelphia Pension Board Sets Reform Standards for Continued Investment in Gun Industry Stocks
"The board established procedures to track whether the companies are complying with the principles, and to dump its investments within 15 months if the companies fail to comply. Between its direct investments and holdings in hedge funds that invest in gun makers, distributors and retailers, the city owns about $15 million in gun-related investments, about one-quarter of 1 percent of its total portfolio, according to a staff analysis. Besides well-known gun makers like Smith & Wesson, the list extends to major retailers like Walmart." (Philadelphia Inquirer)

Pensions Dump Gun Stocks, But Will It Make a Difference?
"Between March of 1996 and October of 2000, more than 16 major public pension funds sold or put restrictions on their tobacco investments.... Yet, the tobacco industry has since rebounded, bringing in $45 billion last year.... Public pension divestment is likely to have even less of an impact on the $11.7 billion gun industry, where public pension funds hold far less stock because only three gun companies trade publicly." (The Fiscal Times)

Chicago Teachers' Pension Fund Will Divest Shares in Assault Weapons Makers
"Chicago Public School Teachers' Pension & Retirement Fund will divest all of its $130,267 in public-market holdings in retail assault weapons manufacturers ... The pension fund's trustees voted to 'instruct the separate account managers to liquidate any and all public-market holdings in retail assault weapon manufacturers as soon as reasonably practicable, and in accordance with the managers' fiduciary duties'[.]" (Pensions & Investments)

Investment Fiduciaries Shouldn't Jump the Gun to Divest Firearm Stocks
"[F]irearms manufacturers Smith & Wesson Holding Corp. and Sturm Ruger & Co. Inc. have had strong returns, beating the broader S&P 500. ... [E]mployers seeking to replace their firearms stocks or other controversial holdings need to consider the rationale for the switch, such as whether the fiduciary is making a prudent call that the divestment is financially safer[.]" (Investment News; free registration required)

Chicago Mayor Orders Pension Funds to Review Holdings in Weapons Companies
"'If our fund managers have invested in a company that manufactures or sells assault weapons, I will ask them to remove these investments from our retirement funds,' said [Chicago Mayor Rahm] Emanuel, who ordered Comptroller Amer Ahmad to request the analysis from the city's five pension and retirement funds. The five funds, with total assets of about $12 billion, are the Chicago Laborers' Annuity & Benefit Fund, the Municipal Employees' Annuity & Benefit Fund of Chicago, Chicago Policemen's Annuity & Benefit Fund, Chicago Park Employees' Annuity & Benefit Fund and the Chicago Firemen." (Pensions & Investments)

New York Pension Fund Exercises Muscle as Qualcomm Shareholder
"[New York State's comptroller, Thomas] DiNapoli sued Qualcomm, a computer chip business, demanding to see the company's internal records on political spending. The suit ... argues that the records are necessary to help Mr. DiNapoli determine whether the state's pension funds are protected. 'Without disclosure, there is no way to know whether corporate funds are being used in ways that go against shareholder interests,' he said. The pension fund owns almost $380 million in Qualcomm stock, and Mr. DiNapoli contends that this should give him a voice in the company's business." (The New York Times; free registration required)

[Opinion] The Dirty Business of Pension Divestment
"There are many stakeholders in public pensions, not just union members, and the primary concern is achieving the actuarial rate of return without taking undue risk to keep the cost of providing pensions down. If divesting means lower returns, are union members, plan sponsors and taxpayers prepared to live with higher contributions and lower benefits?" (Pension Pulse)

CalSTRS Investments Get Hard Look After Connecticut Tragedy
"The nation's second largest public pension fund, reacting to a mass school shooting in Connecticut last month, is taking a new look at the 'social' impact of its $150 billion investment portfolio. The California State Teachers Retirement System found that it owned stock, apparently in violation of its own policy, in the maker of a semi-automatic rifle, banned in California, that was used to kill 20 first-graders and six adults in an elementary school." (CalPensions)

CalSTRS Pension Fund Divests from Some Gun, Ammo Makers
"The second largest U.S. pension fund decided on Wednesday to sell off its investments in the manufacturer of the rifle used in last month's mass shooting at an elementary school in Newtown, Connecticut, and makers of other firearms banned in California. The investment committee of the California State Teachers' Retirement System (CalSTRS), a $154 billion pension fund, also voted to divest from manufacturers of high-capacity ammunition clips illegal in California." (Reuters)

[Opinion] Sometimes, Enough Money Really Is Enough
"In his 60-year career, [Vanguard founder John C. "Jack" Bogle] has witnessed what to him is a concerning shift from a world where long-term investing was the mantra to one in which short-term speculation is running rampant. And so ... [the author] caught up with Mr. Bogle to discuss the difference between investing and speculating and, in the spirit of the holidays, what it means to have 'enough.' 'People look at investing more or less as trading stocks or mutual funds or God forbid ETFs, and that has nothing to do with investing,' he says." (The Wall Street Journal)

Public Pension Funds Nationwide Reconsidering Investments in Gun Makers
"From California to New York, teacher and public-worker retirement funds are reconsidering their investments in gun makers and confronting an uncomfortable fact: Their pensions have supported the manufacture of deadly weapons, in some cases the same type of gun used in the Connecticut school shooting. For years, the gun industry has been a reliable investment, attracting tens of millions of dollars from some of the nation's largest retirement funds." (The New York Times; free registration required)

Pension Fund Gains Mean Worker Pain
"Private-equity firms borrow money to buy companies and then seek to maximize profit, often by reducing labor costs.... Much less attention has been given to a key backer of the private-equity industry: public-employee pension funds, which pour billions of dollars into corporate takeovers. With the stock market stalled and interest-rates at record lows, private equity deals have promised relatively high returns, which public officials need to pay benefits for workers retiring in coming decades." (Bloomberg BusinessWeek)

Toyota Agrees to $25.5 Million Settlement with Maryland Pension Fund, Other Investors Over Stock Drop
"Toyota Motor Corp. agreed to pay $25.5 million to settle an investor lawsuit led by the $36.3 billion Maryland State Retirement and Pension System, Baltimore, over the company's alleged failure to disclose information on unintended acceleration problems that caused the stock to plunge in 2010, according to court documents." (Pensions & Investments)

UK Eyes Higher Allowances for Pension Investments in Infrastructure
"Local government pension funds are allowed to invest only up to 15 percent of their assets in partnership structures, such as limited partnerships, which are common among real estate, private equity and infrastructure funds. The new proposals increase the current limit to 30 percent." (Reuters)

TIAA-CREF Opens 'Socially Responsible Investing' Bond Fund
"To date, the world of socially responsible investing (SRI) has been largely focused on equities, while 'green bond' proponents have struggled to get a market off the ground. But the budding market got a boost in late September when TIAA-CREF, the New York City-based retirement plan provider with $481 billion in assets under management, announced the launch of its Social Choice Bond Fund, an actively managed mutual fund, seeded with $50 million in start-up capital." (Institutional Investor)

UK Pension Funds May Rank Fund Investment Managers on Efforts to Improve Corporate Governance
"Britain's pension funds are weighing up plans to rank fund managers based on their efforts to improve performance at the companies they back, in the latest sign of institutional investors flexing their muscles. Umbrella body The National Association of Pension Funds is leading a campaign to develop a framework that would rate fund managers according to their work towards, for example, improving governance at companies." (Reuters)

ISS Policy Survey Previews Potential Changes in ISS Proxy Voting Policies for 2013 (PDF)
"Each year, ISS seeks feedback on emerging corporate governance, executive compensation and other issues as part of its annual policy formulation process.... [This article reports] the key findings of this year's survey.... Investors and issuers in North America and Europe agree that executive compensation is the most important governance topic for the coming year.... [N]early 75% of issuers expressed the view that ISS should use the issuer's proxy-disclosed peer group in the Pay-for-Performance Test ... [A]pproximately 67% of investors believe in a combined approach where ISS continues to develop its own peer group and provides the company's peer group as an alternative view[.]" (Meridian Compensation Partners, LLC)

Clients Ask Advisers About Annuities More Than Any Other Product
"With today's 10-year Treasury rates hovering at around 1.6% and with equity markets being relatively volatile, annuities have become a costly proposition for insurance companies, causing many to discontinue rich product benefits. But the demand continues to surge[.]" (Investment News; free registration required)

Corporate Plans Lag Behind Public Pensions in Choosing 'Socially Responsible' Investments
"Corporate retirement plans in the United States are much less likely to employ socially responsible investing strategies in their portfolio investments than are public pension plans ... Concerns about ERISA and fiduciary roles, along with 'lack of interest' and 'performance tradeoff,' were most often cited as the reasons corporate plan investors are not adopting this approach." (Thompson SmartHR Manager)

[Opinion] Politics Driving CalSTRS Pension Investments
"CalSTRS investments in solar power were driven not by desire to earn the greatest return for the system's retiree, but to advance the political cause of renewable energy. Indeed, the pension dollars CalSTRS is risking on the solar-power plants near Sactown almost certainly would earn more over the over the short, medium and long term if it simply was invested in Chevron, the 'supermajor' oil company based in San Ramon, Calif." (Cal Watchdog)

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Enroll in November APA/APR Exams by October 15
Take your career to the next level with APA/APR designations. Professionals with an ERPA designation automatically receive the APR designation upon joining NIPA and are eligible to obtain the APA by taking a comprehensive online exam. Enroll today. (National Institutte of Pension Administrators)

Public Pension Plans More than Twice as Likely to Implement SRI/ESG Strategies than Corporate Plans
"Public pension plans in the U.S. and Europe incorporate Socially Responsible Investing (SRI) and Environmental, Social and Governance (ESG) concepts into their portfolios at more than twice the rate of corporate plans, according to a new survey by BNY Mellon. The survey found that, overall, 24% of responding clients have implemented SRI/ESG strategies within their investment process, representing more than $200 billion in assets." (BNY Mellon)

When Should a Pension Fund Manager Consider an Investment's Environmental, Social and Governance (ESG) Aspects? (PDF)
An essay in which the author laments the practical and legal difficulties faced by discretionary pension fund managers in taking into account ESG factors, but he also complains of ESG "zealots" who see ESG as the "dominant, if not sole, issue." The essay is followed by several responses, including one from a Reinhart Boerner Van Deuren attorney who states, "[T]he popular understanding of fiduciary duty is once again at odds with economic reality and getting ready for a new transition." (Reinhart Boerner Van Deuren s.c.)

Small Indiana Pension Fund Takes on Big Fight with Wal-Mart
"If Wal-Mart shareholders are successful in suing the retail giant over allegations regarding a suspected bribery scheme in Mexico, it will likely be thanks to a relatively small union pension fund in Indiana. The Indiana Electrical Workers Pension Trust Fund IBEW, which holds a mere $750,000 worth of Wal-Mart Stores' $253 billion in stock, has emerged as a lead plaintiff among investors who believe Wal-Mart's officers and directors breached their fiduciary duty to shareholders by stifling an internal company probe of the alleged bribery operation." (Indy Star)

[Opinion] Are Pensions Gambling On Hunger?
"[A]s more and more pension funds invest in active commodity funds, these flows are causing wild gyrations in many commodity prices. It's not just 'hedging for farmers' as Barclays claims, there is a great deal of speculation going on." (Pension Pulse)

Pension Funds Query Political Giving
"Aetna Inc. and 19 other companies are being urged to disclose their contributions to independent political organizations by investors including unions and state pension funds with $922 billion in assets.... The investors who wrote Aetna include labor unions for auto, transportation and service workers, state pension funds in Illinois and New York, and religious organizations. The New York state fund had 1.4 million Aetna shares as of July 1 while the UAW trust had 286,000 shares. Aetna had received the letter and will respond to investors directly, said [a company spokeswoman.]" (Treasury & Risk)

[Opinion] Why Canadian Pension Funds Are So Comfortable Investing in Private Market Assets in Britain
"Canadian pension funds are global trendsetters and many global funds can learn a lot from them. The same can be said about Dutch and Danish pension funds. Their superior governance model is the main reason why they're able to attract top talent to their funds, pay them properly and focus on what is in the best interests of all their stakeholders. To do this, they keep politics out of investment decisions." (Pension Pulse)

[Opinion] The Canadian Pensioners Who Own Britain
"In less than ten years, a handful of the country's biggest funds have bought outright or own stakes in some of the UK's most prized infrastructure.... [It] is hard to imagine such a land grab unfolding without dissent if the buyers were perceived to pose any political threat." (The Telegraph)

CalPERS Launches IPO Boycott Plan
"The California Public Employees' Retirement System, the U.S.'s largest pension fund with $237 billion in assets under management, is drawing up new corporate governance criteria under which it will campaign to remove dual class, classified or plurality voting structures and not invest in initial public offerings which use them. One in eight of this year's 98 U.S. IPOs listed in the year to August 16 had more than two classes of shares[.]" (FoxBusiness.com)

Cash-Strapped U.S. Pension Funds Ditch Stocks for Alternatives
"Faced with growing obligations and shrinking returns, many of the largest U.S. public pensions have raised their exposure to alternative investments to record levels this year, despite ongoing criticism of the risks and costs. Public pension fund managers have poured billions of dollars into alternative investments, ranging from Polish energy facilities to catastrophe bonds, as lackluster stock market returns and historically low interest rates have made it difficult for pensions to earn enough." (Reuters)

European Pension Funds Harness Wind Power to Drive Returns
"[European pension] funds hunting for higher returns are buying direct equity stakes in wind power projects that are being shunned as too risky by banks and other investors.... Wind power plants, particularly offshore farms, are expensive to build and maintain. Regulation is seen to be uncertain and the plants can face logistical and technological problems connecting to the wider grid. Forecasting reliable returns is difficult. Nonetheless, some pension funds are thinking longer-term, to steady cash flow over 20 to 30 years once projects are in place, and have decided to step in." (The New York Times; free registration required)

Adding a Socially Responsible Index Fund to the Federal Employees' Thrift Savings Plan Presents Challenges
"When compared to the past performance of the [Federal employees' Thrift Savings Plan (TSP)] stock portfolio, the addition of a hypothetical [socially responsible investment (SRI)] index fund tracking the best-performing U.S.-based SRI stock index would not have both increased returns and lowered volatility in any allocation scenario that GAO tested. Specifically, over the last 20 years, if TSP had included such an SRI index fund in its existing stock portfolio, it could have resulted in (1) lower returns and lower volatility, (2) lower returns and higher volatility, or (3) higher returns and higher volatility, based on GAO's analysis of evenly distributed portfolio allocations." (U.S. Government Accountability Office)

NYC Pension Funds Sue Wal-Mart Execs Over Alleged Bribery
"In early May, the New York City Pension Funds urged shareholders to vote at the company's annual meeting on June 1 against re-electing Duke and four other board members because of the bribery allegations in Mexico. All members kept their seats. But Monday's lawsuit by the New York City Pension Funds comes a week after a final shareholder tally showed discontent rising against key executives and board members ... over the bribery allegations." (USA TODAY)

CalSTRS and Allied Pension Plans Achieve First Major U.S. Corporate Proxy Access Success
"CalSTRS, the California State Teachers' Retirement System, and pension plans from New York, Illinois, North Carolina and Connecticut today announced success in achieving corporate board accountability via proxy access at Nabors Industries, Ltd. -- the first such victory at a U.S. public company." (CalSTRS)

California Teachers Fund to Vote Against Wal-Mart Board
"The move [by CalSTRS, a Wal-Mart shareholder,] shows mounting pressure against Wal-Mart, the world's largest retailer, over its corporate-governance practices in advance of the company's annual meeting on June 1 in Fayetteville, Arkansas. The New York City Pension Fund and a major adviser to investors have also urged investors to vote against some directors in the wake of bribery allegations." (Bloomberg)

Unhappy with Scandal, New York Municipal Pension Funds to Vote Against Wal-Mart Directors
"Concerned about Wal-Mart's reported cover-up of bribery in its Mexico operations, leaders of New York City's pension funds said ... they would vote their 4.7 million company shares against five directors standing for re-election to the retailer's board at its annual shareholder meeting next month." (The New York Times; free registration required)

CalPERS Releases First Report on Its Environmental, Social and Governance Work
"The report explains the fiduciary framework [CalPERS has] adopted to integrate sustainability across the total fund, illustrates achievements from the last few years, and outlines [the] vision for the future. [Contents include] CalPERS views on Sustainable Investing; The '3 Ps' of the CalPERS program: Priorities, Performance and Procurement; How CalPERS integrates ESG in its own operations; [CalPERS] strategic themes of alignment of interest, climate change and human capital[.]" (CalPERS)

Young Investors Using New Tools to Weight Equities More Heavily in Asset Allocation
"Despite concerns about the global financial crisis and its impact on the willingness of younger investors to enter the stock market, twentysomethings actually have higher equity allocations in defined contribution (DC) plans than previous generations had at the same age." (Vanguard)


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