US - The California State Teachers' Retirement System (CalSTRS) has adopted a policy which puts pressure on company management teams to disclose their political contributions.
At an investment committee meeting on 3 November, the CalSTRS board approved a policy that calls for directors of companies within the pension fund's portfolio to require management to disclose political expenditure.
The policy was adopted after the state treasurer Bill Lockyer, who holds a seat on the CalSTRS board, asked the investment committee to consider the move in May.
Lockyer said: "This policy will ensure corporations' political contributions serve the interests of companies and shareholders."
CalSTRS investment committee chair Harry Keiley added: "Transparency in this area has been a longstanding concern for CalSTRS and remains a key part of our ongoing efforts to elicit more disclosure and accountability from the boards of our portfolio companies.
"Interest and support for these practices also has been steadily growing. For instance, from 2009 to 2010, shareholder proposals in this area more than doubled to 89. Shareholder support for such proposals has also grown, from about 9% in 2004 to 30% in 2010.
"Given that we're a long-term shareholder, CalSTRS wants to make sure political contributions will not have a deleterious effect on the long-term value of our portfolio companies."
The pension fund's portfolio was valued at $139.2bn at the end of the third quarter of 2011.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.