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CalPERS July 2019 Board Meeting Recap

CalPERS Board Meeting Recap

This month the CalPERS Board met from Monday, July 15 through Wednesday, July 17 at the Hyatt Regency Santa Rosa.

Videos from this month meeting are available on the CalPERS YouTube channel.

Here are some highlights from the July meeting:


On Monday, retired U.S. Army General David Petraeus discussed geopolitical risks and how politics, conflicts around the world, and the policy decisions of nations impact economies and investments. He had a unique perspective having been in public service and now in the private sector as chairman of KKR, a global investment firm.

Later in the day, CalPERS team members provided an overview of two of CalPERS infrastructure investments: Gatwick Airport in southeast England, and the Port of Melbourne in Australia. In addition, the board was briefed on the emerging manager program.

The day concluded with CalPERS CIO, Yu (Ben) Meng providing his 180-day review of the CalPERS investment office. Since joining CalPERS in January, Mr. Meng has reviewed the strengths and opportunities of the investment office. His report to the board included his total fund approach to investment returns, the culture within the investment office, how CalPERS can become a world-class investor, and his long-term commitment to fulfilling CalPERS’ mission of retirement security.


On Tuesday, the CalPERS health team led discussions on the effectiveness of accountable health care organizations and CalPERS’ role in them in the future. Additionally,  the board heard from experts about the changing health care marketplace in California and the influence CalPERS has a health care purchaser in the years to come.

The day wrapped up with a presentation from the chief information security officer from software company Splunk discussing cybersecurity and an update on CalPERS’ Enterprise Performance Management system.

Board Governance

On Wednesday, updates were provided on the work the board is doing to improve their own governance, roles and responsibilities, and culture. Discussions included topics such as board education, board member conduct, and a discussion around possibly reducing the number of board meetings held each year.

August Board Meeting

The next CalPERS board meeting will be Monday, August 19 through Wednesday, August 21 at the CalPERS headquarters in Sacramento.