Archer Daniels Gets Pressure From Calpers

The giant California pension fund Calpers and the Teamsters are pressing the directors of Archer Daniels Midland Co. to respond to the widening federal investigation of alleged criminal activity at the company.

The California Public Employees’ Retirement System, the country’s largest and most powerful public pension fund, wrote to ADM directors Tuesday, complaining that the board members have been silent for too long.

The funds join a growing list of shareholders voicing concern with the leadership at world’s largest processor of agricultural products. Some are not waiting for a company response: Davis Fund Family sold its entire stake of 2.44 million shares in ADM.

The Justice Department is investigating alleged price-fixing by ADM. The agency and the Securities and Exchange Commission are also investigating whether the company made payments to executives that weren’t disclosed to shareholders.

ADMM has denied any wrongdoing, and has not been charged with a crime.