US - Proposed regulations restricting campaign contributions to board members have been approved by the California State Teachers' Retirement System (CalSTRS).
Dana Dillon, chair of the Teachers’ Retirement Board, said the members were proud of the work they had done towards eliminating ‘pay to play’ opportunities.
Dillon said: “We currently operate at the highest ethical level. Moving forward with these regulations underscores our commitment to conflict-free investment decisions.”
The proposed regulations would include disqualifying a party in violation of the regulations from engaging in future or additional business with CalSTRS for a period of two years.
Jack Ehnes, chief executive officer at CalSTRS, said: “As pension fiduciaries and strong advocates of good governance practices, we felt these regulations were an important step that sends a strong message to our business partners and membership that protecting the scheme’s integrity is paramount.”
This recent board action is the latest step in the administrative procedure act rulemaking process that began last December when the board approved proposed regulatory language.
Hearings were held and written comments received from the public, as well as the business and investment communities.
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