NewswireToday - /newswire/ - Elk Grove, CA, United States, 09/19/2006 - McRitchie files petition limit gifts and political contributions, also ensuring CalPERS lives up to its own governance standards..

California Public Employees Retirement System (CalPERS) candidate James McRitchie petitioned the Board of Administration to adopt regulations similar to those proposed by California Teachers Retirement System (CalSTRS), limiting gifts and campaign contributions.

The Petition would place strict limits on campaign contributions, from the types of firms doing business with CalPERS, of no more than $250 and meals and gifts valued at no more than $50. Like the rules and possible legislation currently being considered by the CalSTRS, the limits would apply not only to the 13- member board but also the governor and gubernatorial candidates.

Additionally, the petition requests CalPERS to require board members to comply with the same governance standards they attempt to impose on corporate boards.

For example, CalPERS prefers corporate directors serve on no more than 6 other company boards. Yet, according to recent filings with the Fair Political Practices Commission, one CalPERS director also sits on the boards of 13 mutual funds.

“By enacting regulations at least as stringent as those announced by CalSTRS and by complying with the governance standards it seeks to impose on others, CalPERS can ensure against any perception that gifts or campaign contributions will be rewarded by access to the nation's largest pension fund or that CalPERS does not live up to its own standards,” said Mr. McRitchie.

CalPERS has thirty days to respond to the petition. Mr. McRitchie, a long-time advocate of greater democracy in corporate governance, is a candidate for the seat elected by state members of CalPERS. CalPERS is the nation’s largest pension fund and a frequent advocate of corporate governance reforms.

Agency / Source: Friends of James McRitchie for CalPERS

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