McRitchie files to ensure against any perception that gifts or contributions are rewarded by access or that CalPERS does not live up to its own governance standards.
September 19, 2006 (Press Release) --
CalPERS candidate James McRitchie petitioned the CalPERS Board to adopt regulations similar to those proposed by CalSTRS limiting gifts and campaign contributions. Additionally, the petition requests CalPERS to require board members to comply with the same governance standards they attempt to impose on corporate boards.
For example, CalPERS prefers corporate directors serve on no more than 6 other company boards. Yet, according to recent filings with the Fair Political Practices Commission, one CalPERS director also sits on the board of 13 mutual funds.
By enacting regulations at least as stringent as those announced by CalSTRS and by complying with the governance standards it seeks to impose on others, CalPERS can ensure against any perception that gifts or campaign contributions will be rewarded by access to the nation's largest pension fund or that CalPERS does not live up to its own standards, said Mr. McRitchie.
For example, CalPERS prefers corporate directors serve on no more than 6 other company boards. Yet, according to recent filings with the Fair Political Practices Commission, one CalPERS director also sits on the board of 13 mutual funds.
By enacting regulations at least as stringent as those announced by CalSTRS and by complying with the governance standards it seeks to impose on others, CalPERS can ensure against any perception that gifts or campaign contributions will be rewarded by access to the nation's largest pension fund or that CalPERS does not live up to its own standards, said Mr. McRitchie.
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