Japan Stewardship Code: Principles for Institutional Investors

In March 2016, CalPERS became a signatory and public supporter of Japan's Stewardship Code, which aims to enhance long-term return for investors through constructive engagement and dialogue with the publicly traded Japanese companies in their portfolio. In CalPERS' global investment portfolio, Japan represents the second largest equity market. View our statement of compliance (PDF) (Japanese, PDF).

The Code is based on the United Kingdom's Stewardship Code and was issued in 2014 by the Japanese government's Financial Services Agency in an effort to help to stimulate its economy.

The code fully aligns with CalPERS' Investment Beliefs (PDF) (Japanese, PDF) and is an important part of a strong governance policy. For more than 30 years, CalPERS has actively engaged portfolio companies to promote good governance practices. Constructive engagement between investors and companies helps to foster sustainable growth.

Signature of the Japan Stewardship Code also ties with CalPERS' Focus List Program. In early 2015, CalPERS began engaging a group of Japanese portfolio companies through the program, which utilizes active engagement to improve companies' governance practices. The goal of the program is drive positive, long-term economic returns.

Global Peer Environmental, Social, & Governance Exchange

In 2011, as part of CalPERS Total Fund Process for integrating environmental, social, and governance (ESG) factors, we invited 11 of the world's largest asset owners with collective global assets of $1.5 trillion to share their experience in the field and provide a benchmark for CalPERS' work. These included funds from the U.K., Netherlands, South Africa, Australia, Brazil, Norway, and peers here in the United States. This process was coordinated by the CalPERS Global Governance team and some of the details of these discussions are available in Responsible Investment's Next Decade: Developing CalPERS Total Fund Process for ESG Integration (PDF).

Ceres and Investor Network on Climate Risk

Ceres is a nonprofit organization that leads a national coalition of investors, environmental organizations, and other public interest groups working with companies to address sustainability challenges such as global climate change and water scarcity.

Since joining in 2005, CalPERS has played an active role in Ceres-led collaborative initiatives and working groups. In 2003, we worked with Ceres to launch the Investor Network on Climate Risk (INCR), a network of more than 100 investors promoting improved investment processes, policies, disclosure, and corporate governance practices on climate change. CalPERS CEO Anne Stausboll has held the position of Ceres Board Co-Chair since 2006.

Principles for Responsible Investment Initiative

CalPERS is a founding signatory to the Principles for Responsible Investment (PRI), an investor-formed network. The Initiative was established in 2006 to advance sound environmental, social, and governance practices. In 2011, Board Member Priya Mathur joined the PRI Advisory Council, the fiduciary body responsible for the overall effectiveness, performance, and conduct of the United Nations-backed PRI Initiative.

CalPERS Affiliates

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