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CALIFORNIA CORPORATE & SECURITIES LAW

California’s New “Thermal Coal” Divestment Law Forces Fiduciary Duty Question

Public pension funds exist to provide retirement benefits to public employees.  Cal. Const. Art. XVI, § 17(a).  In 1992, the voters of California tried to eliminate political interference with the state’s retirement funds by enacting Proposition 162, the California Pension Protection Act of 1992.  One of the express purposes of the Pension Protection Act was to…

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CalPERS Discusses Adoption Of “Investment Beliefs”

The last agenda item for Monday’s meeting of the Investment Committee of the Public Employees’ Retirement System was an ongoing “Discussion of Investment Beliefs”.   No, this wasn’t a theological discussion.  For the last two years, the CalPERS investment office has been involved in discussions about developing a set of “investment beliefs”.   Last fall, CalPERS even retained…

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