CalPERS to Take Governance Program Overseas

From Reuters

The California Public Employees Retirement System, a leader in the U.S. corporate governance movement, plans to launch a campaign this fall to target poorly performing companies overseas, the fund's chief executive said.

James Burton told reporters at the International Monetary Conference late Tuesday that the $80-billion fund will launch a formal campaign in September or October modeled after its U.S. program, which has contributed to changes in top management at some companies, including General Motors Corp.

He said the program will probably be modeled after the U.S. one, which includes a two-tiered effort to focus on the poorest relative performers in the fund's stock portfolio. Burton said 13% of the fund's holdings are in international equities, a figure that is being increased to 20% over the next three years.

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