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
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
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.
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.
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
Oversight Roles
Domestic
SEC Office of the Investor Advocate
Regularly Scheduled Meeting / Calls
Commodity Futures Trading Commission (CFTC)
Targeted Engagement
Financial Accounting Standards Board (FASB)
CalPERS: Member of Accounting Standards Advisory Committee
Public Company Account Oversight Board
CalPERS: Investor Advisory Group Member
Securities and Exchange Commission (SEC)
CalPERS: Investor Advisory Committee Member
U.S. Exchanges
NYSE | NASDAQ | CBOE | IEX | LTSE | MEMX
Targeted Engagement
Financial Industry Regulatory Authority
Targeted Engagement
International
International Financial Reporting Standards
CalPERS: Member of Advisory Council
Financial Services Agency (JA)
Targeted Engagement
Financial Conduct Authority (UK)
Targeted Engagement
European Securities and Markets Authority
Targeted Engagement
CalPERS' Advocacy on Financial Market Issues
2018-19
- July 15, 2019, U.S. House of Representatives Financial Services Subcommittee Testimony
- March 21, 2019, Securities and Exchange Commission Earnings Release & Quarterly Reporting (PDF)
- December 10, 2018, Securities and Exchange Commission Roundtable on Proxy Process (PDF)
- September 10, 2018, Public Company Accounting Oversight Board Draft Strategic Plan (PDF)
- August 13, 2018, Letter to Environmental Protection Agency on Costs and Benefits of Rulemaking (PDF)
2017-18
- June 4, 2018, Letter to Huizenga and Maloney Re: Hearing Legislative Proposals to Help Fuel Capital and Growth on Main Street (PDF)
- May 24, 2018, Securities and Exchange Commission Transaction Fee Pilot (PDF)
- May 17, 2018, US House of Representatives Financial Regulatory Reform Legislation (PDF)
- February 21, 2018, Letter to Crapo and Brown, HR 4015 Corporate Governance Reform and transparency Act of 2017 (PDF)
- February 7, 2018, Letter to Director Hinman Forced Arbitration (PDF)
- December 18, 2017, Letter to McCarthy and Pelosi, HR 4015 Corporate Governance Reform and Transparency Act of 2017 (PDF)
- December 4, 2017, Letter to Crapo and Brown S. 2155 Economic Growth, Regulatory Relief and Consumer Protection Act (PDF)
- August 18, 2017, Letter to Securities and Exchange Commission Regarding Public Company Accounting Oversight Board Rulemaking (PDF)
- July 26, 2017, Letter to Senator Reed on Cybersecurity (PDF)