CalPERS Adds to Plan for Corporate Reforms

The California Public Employees’ Retirement System added a number of staff recommendations to a corporate-governance reform agenda announced in February, as the giant pension fund seeks to pressure companies to change oversight procedures in the wake of Enron Corp.’s collapse.

CalPERS last month said it would use its vast shareholdings to block auditors from also performing consulting for clients, and would draft a proposal to reform standards for accounting and disclosure.

The program additions adopted Monday include demands that corporate board audit committees have full access to company books and records, and that the committees should have access to their own resources subject only to overall budgetary control by an independent board.

The $150-billion fund said audit committees should meet at least once a quarter, review the firm’s internal audit functions at least annually, and have at least one meeting a year with the external auditor that does not include any company employees.