California Public Employees' Retirement System staff is recommending developing alliances with foreign investors and building up its corporate governance Web site as part of the $133 billion fund's corporate governance plan for the 1999 proxy season.
One proposal calls for Sacramento-based CalPERS to form governance alliances with one or more investors in the United Kingdom, France, Germany and Japan.
The proposed Web site improvement would include building a search engine, posting CalPERS' decisions on upcoming proxy votes and publishing detailed information about the performance of CalPERS Focus List companies.
Other recommendations that could be approved Oct. 19 would lead the fund to sponsor academic research projects, talk to regulatory and self-regulatory organizations and develop so-called cutting edge issues for inclusion in shareholder proposals.
Separately, CalPERS staff and Hamilton Lane Advisors, an alternative investment consultant for the fund, are recommending investment committee approval of a $75 million commitment to ABS Capital Partners III, which invests in health care, technology, communications, media and consumer products, industrial growth and financial service companies.Approval could come Oct. 19.