CalSTRS today adopted a policy banning its money managers and other vendors from making campaign contributions of more than $1,000 to the fund's board members or to the California governor. The board also limited charitable contributions made in the name of board members or CalSTRS staff to $250 per calendar year and restricted gifts, including meals and entertainment, to $360 per calendar year.
Managers that violate the campaign contribution rule would be disqualified from doing business with the $148.8 billion California State Teachers' Retirement System, Sacramento, for a period of two years, and could be subject to a fine, payable to CalSTRS, that would be equal to the contribution or $10,000, whichever is higher.
The restrictions on campaign contributions and gifts are part of a sweeping set of changes the board is making to its ethics policies.
