CalPERS to Target Poor Performers Overseas: James Burton, chief executive of the California Public Employees Retirement System, told reporters at the International Monetary Conference in Seattle that the $80-billion fund will launch a formal campaign in September or October modeled after its U.S. program, 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. CalPERS, a leader in the U.S. corporate governance movement, succeeded in pushing through a proposal that eliminated staggered director terms at Oryx Energy Corp. and nearly succeeded with Boise Cascade Corp.
Times Staff and Wire Reports
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