Board members of the $97 billion California Public Employees' Retirement System, Sacramento, are expected to adopt a formal ethics policy next month, James E. Burton, the system's chief executive officer, said at a Council of Institutional Investors conference in Washington today. The new policy will substantiate existing codes and lay out ethical standards for areas of concern not previously addressed, Mr. Burton said. It applies to board members.
The giant pension fund already has a statement of governance principles, and a code of conduct.
