California Public Employees' Retirement System trustees yesterday adopted a corporate governance program for the 1997 annual meeting season. It will include a list of the top-performing companies that also have added the most jobs. The program also will identify companies that engage in the ``reverse Robin Hood scenario'' by giving chief executives inordinately large salaries compared to rank-and-file workers.
The fund, with more than $100 billion in assets, also will expand its corporate governance scorecard element, ranking 300 of the largest U.S. companies for the first time.
For a second year, the California fund will continue to examine corporate governance efforts by smaller American companies and target the 10 worst performers during the proxy season.
Trustees also ratified a motion adopted by the investment committee Monday to take a neutral stance on Proposition 211, a state ballot initiative that would make it easier for investors to sue companies for fraud by reversing the federal securities litigation reform law enacted last year.
Pacifica Funds, formerly advised by an affiliate of First Interstate Bank, has been reorganized and merged into the Stagecoach family of funds, advised by Wells Fargo Bank. The change follows the merger of First Interstate and Wells Fargo. As a result, Stagecoach's assets now total more than $13 billion in 28 funds.
Of the 18 funds formerly in the Pacifica group, eight were merged into six Stagecoach funds with similar investment objectives. Ten new Stagecoach funds were created to absorb the 10 remaining Pacifica funds.
In a separate development, Stagecoach has launched a small-cap stock fund.
The fund will invest in companies with a market cap between $50 million and $1 billion.