Financial Markets

CalPERS is what's known as a "universal owner." We own a little of everything across the global financial markets. Because of this, we believe it's in our best interest for that financial market system to be designed to protect investor rights and be as transparent and free from conflicts as possible. By improving the system, we structurally improve the playing field in which pension funds like us invest, which supports the sustainability of our returns.

Key Areas of Focus

Promote Sustainable Global Financial Markets

We engage directly with global standard-setters and regulatory oversight bodies to:

Improve the effective flow of capital
Support sustainable economic growth
Eliminate marketplace conflicts
Reduce transaction costs

Stimulate Sustainable Capital Formation

We endorse policies and market structures that stimulate public market capital formation, balanced with proper governance and transparency. This supports long-term growth opportunities and the availability of a diverse, investable universe for us.

Advocate for Sufficient Transparency &Investor Protections

We address inadequate corporate reporting, insufficient transparency, and ineffective regulations because they can impact capital markets and long-term investors like us. Operational, financial, and governance information about companies must be readily transparent to permit accurate market comparisons.

As listed in in our Sustainable Investments Update (PDF), our data and corporate reporting standards initiative leads us to advocate for a globally integrated financial reporting framework. This provides investors with sufficient transparency and relevant information about the economic performance and condition of businesses.

Partnerships

By collaborating with our peers and industry organizations, we're working to ensure that the unique interests of long-term asset owners are consistently incorporated into ongoing regulatory and legislative reform efforts.

National Organization of Investment Professionals
Fostering a favorable regulatory environment for institutional participation in the securities market
CalPERS: Active Member

Trader Forum
Reshaping today's trading landscape
CalPERS: Active Member

Council of Institutional Investors
Promoting governance policies that enhance long-term value for institutional asset owners and their beneficiaries
CalPERS: Co-Founder Co-Chair of International Committee

Healthy Markets Transparency & Trust
Coalition working to educate market participants and promote data-driven reforms to market structure and regulatory challenges
CalPERS: Board Member

International Corporate Governance Network
Promoting effective global standards of corporate governance and investor stewardship
CalPERS: Co-Founder, Holds Board Seat, Chair of Disclosure & Transparency Cmte

Asian Corporate Governance Association
Working to implement effective corporate governance practices throughout Asia
CalPERS: Active Member

Sustainable Accounting Standards Board
Developing standards to help businesses manage and report on the sustainability topics that matter most to investors
CalPERS: Investor Advisory Group Member

Fixed Income group seeking to enhance bondholder protections
CalPERS: Advisory Board Member

ILPA
Engaging, empowering, and connecting limited partners to maximize their performance
CalPERS: Co-Founder and Active Member