CalPERS Adds to Annual Target ListCalPERS added...
CalPERS Adds to Annual Target List
CalPERS added Gemstar-TV Guide International Inc. and Xerox Corp. to its annual list of companies that need to improve their financial performance and oversight.
The California Public Employees’ Retirement System called on Gemstar, an interactive programming guide company based in Pasadena, to have a majority of independent directors on its board and key panels.
Gemstar said it was disappointed by its appearance on the list, but was committed to the pension fund’s objectives.
Gemstar, which is under investigation by the Securities and Exchange Commission, has restated results twice this year.
CalPERS said it wants Xerox to expand its board with three independent directors and split the position of chairman and chief executive. Xerox said it has taken significant steps to bolster corporate governance.
The four other companies on the list are JDS Uniphase Corp., Manugistics Group Inc., Midway Games Inc. and Parametric Technology.