SECURITIES

CalPERS Moves Activism Overseas: The investment board of the nation’s largest public pension fund approved a plan for a so-called corporate-governance program in Japan, Britain, France and Germany, where the fund has almost 62% of its international investments. The $97-billion California Public Employees’ Retirement System reasons that what has worked well in the United States should work even better abroad, especially as it moves to boost international stock investments from 12% to 20% of its assets under management. If the benefit for overseas corporate governance is the same as it has been for CalPERS at home--7.2% per year excess returns on companies targeted--the international program could boost returns by $554 million, officials said.