California Treasurer Bill Lockyer said he’ll propose that the state’s public pension funds, the two largest in the U.S., sell off investments in firearm manufacturers that make guns prohibited under state law.
Timken Co., the bearings maker that trades at the lowest earnings multiple among its peers, is costing shareholders the chance to recoup $1.3 billion in market value lost this year by not spinning off its steel unit.
California is courting sovereign- wealth funds, pensions and endowments for more than $50 billion to build Governor Jerry Brown’s proposed bullet train to link the state’s largest cities, the most expensive public-works project in U.S. history.
The California State Teachers’ Retirement System will oppose re-election of News Corp.’s entire board, including Chairman and Chief Executive Officer Rupert Murdoch, citing a lack of independent members.
The California State Teachers’ Retirement System cut payments to a former San Francisco Bay Area superintendent after concluding that a $61,000 raise in his final year of work was intended to boost his pension.
Philip Anschutz, who seeks taxpayer support for a $1.4 billion downtown Los Angeles football stadium complex, bought out a partner in his nearby hotel and condo project at a loss to investors including state teachers.
News Corp. Chief Operating Officer Chase Carey, reacting to the scandal over phone hacking at the News of the World tabloid, is holding discussions with some large investors over governance and other concerns.
The California State Teachers’ Retirement System, exploring changes in hiring and pay to reduce its dependence on external managers, is looking to one of Canada’s biggest public retirement funds for advice.