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CalPERS March 2019 Board Meeting Recap

CalPERS Board Meeting Recap

The CalPERS Board met from Monday, March 18 through Wednesday, March 20 at the CalPERS headquarters in Sacramento, California.

A recording of the public meetings is now available on the CalPERS YouTube channel.

Here are some highlights from this month’s meetings.

Investment Committee

On Monday, the Investment Committee approved (10-3) the concept of our new private equity models (PDF), also known as Pillars 3 and 4. Monday’s decision is a signal to the financial markets that we’re serious about pursuing this approach and that signal is critical to our ability to recruit the type of talent we need. But it’s by no means the final step in the process.

The Investment team working on these private equity models will now work to identify and negotiate with key partners who can potentially manage the investment opportunities. Board members will then have access to a third-party opinion and will receive quarterly updates on our progress.

Also on Monday, the Sustainable Investments Program detailed the progress we’ve made on implementing the Sustainability Strategic Plan. Our work on sustainable investing and environmental, social and governance issues is focused on informing our investment decision-making and risk mitigation. Plans for the 2019 proxy season were also outlined.

Board Committee Elections

On Tuesday, Rob Feckner and Ramón Rubalcava were elected chair and vice chair of the Pension and Health Benefits Committee; Theresa Taylor and Dana Hollinger were elected chair and vice chair of the Performance, Compensation and Talent Management Committee; and Henry Jones and Dana Hollinger were elected chair and vice chair of the Board Governance Committee. All of the board committees have now chosen their leaders.

Pension and Health Benefits

The Pension and Health Benefits Committee chose Anthem as the third-party administrator of our Preferred Provider Organization Plan, and also heard a recap of the results of last fall’s open enrollment period. The data shows a year-over-year increase in the percentage of employees who decided to move from one health plan to another.

The board was presented an overview of the Diversity and Inclusion (D&I) initiatives, programs, and accomplishments across CalPERS that includes an update on the current workforce demographics.

The presentation also included an update on the current D&I activities from the Investment Office, which focus on three areas: corporate boards, external managers, and talent management.

The next CalPERS board meeting will be Monday, April 15  through Wednesday, April 18 at the CalPERS headquarters in Sacramento.