Virginia Retirement System trustees decided the Richmond-based system will not become involved in shareholder activism and corporate governance matters at companies in which the fund invests. However, CIO Nancy Everett will prepare a report on pending Congressional legislation, examining whether the $36 billion system should actively back bills aimed at protecting investors from the collapse of these companies. The decision followed a request by Virginia Gov. Mark R. Warner that the board of trustees examine measures to better protect plan assets.
"Im very satisfied we are doing quite a bit. Were very involved in corporate governance matters, said Al Samper, chairman. The system is not a member of the Council of Institutional Investors, but it votes proxies at companies in its investment portfolio according to the recommendations of Institutional Shareholder Services, a proxy consulting firm used by many large investors.