October 26, 2020

Volume X, Number 300

Advertisement

October 23, 2020

Subscribe to Latest Legal News and Analysis

CalPERS Global Governance Program Targets Income Inequality

The Investment Committee of CalPERS’ Board of Administration will meet next Tuesday.   The committee, which is comprised of all 13 members of the Board of Administration, is responsible for, among other things, investment strategies and policies.  On the agenda is for next week’s meeting is an update on the fund’s strategic priorities.  The slide presentation prepared for next week’s meeting identify the following three priorities:

  • Proxy Access

  • Climate Change

  • Exploration of Income Inequality

According to the slides, “exploration” consists of the CalPERS staff reading up on income inequality (or as expressed in slides, a “comprehensive review of research and analysis related to income inequality and its impact, if any, on institutional investors”).  Apparently, the staff has already started reading because the slides include this quotation from Thomas Picketty’s book, Capital in the Twenty-First Century:

“When the rate of return on capital exceeds the rate of growth of output and income, as it did in the nineteenth century and seems quite likely to do again in the twenty-first, capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meritocratic values on which democratic societies are based.”

Thomas  Picketty is a Professor of Economics at the Paris School of Economics who focuses on income inequality (the slides also include a quotation by Dr. Horace “Woody” Brock critical of Professor Picketty).

The slides suggest that another objective of this exploration is a symposium on the subject in collaboration with the University of California.

© 2010-2020 Allen Matkins Leck Gamble Mallory & Natsis LLP National Law Review, Volume V, Number 43
Advertisement

TRENDING LEGAL ANALYSIS

Advertisement
Advertisement

About this Author

Keith Paul Bishop, Corporate Transactions Lawyer, finance securities attorney, Allen Matkins Law Firm
Partner

Keith Bishop works with privately held and publicly traded companies on federal and state corporate and securities transactions, compliance, and governance matters. He is highly-regarded for his in-depth knowledge of the distinctive corporate and regulatory requirements faced by corporations in the state of California.

While many law firms have a great deal of expertise in federal or Delaware corporate law, Keith’s specific focus on California corporate and securities law is uncommon. A former California state regulator of securities and financial institutions, Keith has decades of...

949-851-5428
Advertisement
Advertisement