CalPERS' investment committee today asked staff to make recommendations restricting privatization of public services involving firms with which the pension fund invests. The issue arose in San Luis Obispo (Calif.) County School District, which privatized its school bus service in 2000. The $145 billion California Public Employees' Retirement System has indirect investments in two private equity funds that invest in Student Transportation of America, which was awarded the bus contract.
Also, the committee voted today to seek a meeting with the CEO of Seagate Technology, asking the firm to reincorporate in the United States. Seagate is incorporated in the Cayman Islands.