CalPERS investment committee tabled a decision on its permissible countries transition plan, awaiting a clarification on which American and global depository receipts the fund can purchase.
The plan may allow CalPERS new emerging markets managers to purchase ADRs, GDRs and stocks of prohibited countries, if the securities trade on exchanges of permissible countries. The committee of the $149 billion California Public Employees Retirement System, Sacramento, postponed a decision on the policy transition until its May meeting.
The panel also delayed until May a decision on whether to support a change in accounting standards. It would require companies in which the fund invests to report as an expense the value of stock options granted to employees and consultants as a form of compensation.