
Sunday San Diego: CalPERS Ignores the Law, Arnold Fills Up the Boxes
CalPERS Continues its Nose-Thumbing of Divestment Laws… The State retirement giant is entrenched in its outright defiance of laws mandating divestment from companies doing business in Iran and Sudan (see my FR entry from February 2010).
Yet, CalPERS is spending a significant amount of money — $550,000 — to comply with the laws, while doing no such complying.
San Diego CityBeat‘s Dave Maass has covered this issue in detail in the past and digs up the latest in a January 5 story. Some excerpts:
CalPERS has a funny definition of “compliance.” … In fact, CalPERS’s board passed a policy in February 2009 stating that it would not divest from companies as the law demands, period. As CityBeat reported last year, CalPERS failed to disclose this decision to the state Legislature in its annual report. … Read More