Administration June 8, 2005

CalPERS Looking Into Disclosure of Trustee, Investment Officer Talks

August 18, 2004 (PLANSPONSOR.com) - The California Public Employees' Retirement System (CalPERS) is reviewing a possible rule that would require public disclosure of talks between trustees and investment officers over proxy decisions.
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The request for public disclosure comes after CalPERS backed a plan that gave 9% of eBay’s stock options to its top five executives – a move inconsistent with a board policy that sets a 5% limit, according to a Sacramento Bee report.

At the time, questions arose about whether Controller Steve Westly , a former eBay executive, had a role in the fund’s June proxy vote for the stock option plan. Officials said Westly did not influence their decision.

State Treasurer Phil Angelides said he was dismayed by the position the CalPERS investment staff took on the eBay issue and wondered if their decision was influenced by outside sources, including other board members.

A proposed policy could be ready for review in October.

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