The full board of administration and the executives of CalPERS are conducting a three-day
offsite, entitled Defining Our Future Now, which includes a number of closed sessions regarding chief executive and chief investment officer performance and employment matters, in addition to open forums on a number of strategic investment decisions.
The closed sessions are pursuant to certain Government Codes including section 11126 (g) (1) which allows for closed sessions when the board is, among other things, considering the recruitment or removal of the CEO or CIO.
It states: This article does not prevent: (1) The Teachers’ Retirement Board or the Board of Administration of the Public Employees’ Retirement System from holding closed sessions when considering matters pertaining to the recruitment, appointment, employment or removal of the chief executive officer or when considering matters pertaining to the recruitment or removal of the chief investment officer of the State Teachers’ Retirement System or the Public Employees’ Retirement System.
In addition to CEO and CIO performance and employment matters, the other closed sessions according to the agenda are investments – strategic risks and opportunities; discussion of the potential furlough order litigation, namely California Attorneys et al v Arnold Schwarzenegger; and annual employee performance reviews and updates.
The open sessions that form part of the three day offsite, which finishes this Wednesday, include an examination of enterprise risk management.
CalPERS has recently turned its attention to risk management, and in April set up an ad hoc committee tasked with reviewing the risk management framework across the entire business.
An enterprise-wide risk management project, which is expected to take up to three years to complete, is being held in conjunction with strategic and change management consulting firm, The Results Group, whose partner, Allen Goldstein, has worked with CalPERS on a number of strategic and policy planning processes.
The board and executives will also discuss shareowner rights and Federal Labor Laws.
The closed sessions were pursuant to Government Code sections 11126(a)(1), (g)(1), (c)(16) and (e). The offsite is being held at Folsom, California.
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