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CalPERS Drops Annual Focus List

Melissa Klein Aguilar | November 23, 2010

The California Public Employees' Retirement System has dropped it public "name-and-shame" Focus List in favor of engaging the underperforming companies in its portfolio through private contacts and proxy actions.

For the 2011 proxy season, CalPERS says it will use a new screening process, the "Shareowner/Corporate Engagement Program," to identify target companies for possible shareowner resolutions that previously might have been placed on the Focus List.

"The Focus List has served us well by calling public attention to some of the worst market players, but the time has come for a more effective approach," CalPERS Board President Rob Feckner said in a press release announcing the change. "Many of our portfolio companies are adopting improved governance...

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