US pension giant CalPERS is seeking legal advice on its fiduciary duties, according to a tender document. The scheme said it is “seeking to contract with several law firms to advise the CalPERS Board of Administration and staff on questions of fiduciary duty”, but did not provide any further information.
Meanwhile, California State Treasurer Fiona Ma is calling on CalPERS and CalSTRS to support a proposal from Nasdaq that would require companies listed on the exchange to have (or explain why they do not have) at least two ‘diverse’ directors, and disclose more information on diversity annually. The proposal from Nasdaq is awaiting approval from the US Securities and Exchange Commission.
French compensation fund Fonds de Garantie is on the hunt for two asset managers to run €280m of active, high-yield bond mandates with ESG integrated. The fund, which offers financial support to the