California Gov. Gavin Newsom signed a bill Monday requiring CalPERS and CalSTRS to report to the state Legislature the participation of emerging or diverse asset managers in their investment portfolios.
Beginning, March 1, 2023, the $481.2 billion California Public Employees' Retirement System, Sacramento, and the $318.4 billion California State Teachers' Retirement System, West Sacramento, will be required to submit an annual report on the status of certain objectives and initiatives, as defined by each pension plan board, regarding their investments with emerging or diverse money managers.
"CalPERS supports the new reporting requirements on emerging and diverse managers, which will contribute to our newly adopted framework for diversity, equity and inclusion," said Anne Simpson, CalPERS' managing investment director, board governance and sustainability, in a statement.
CalPERS' diversity, equity and inclusion framework focuses on talent management, culture, suppliers, health system, and our investment portfolio, Ms. Simpson said.
CalSTRS' board had taken a neutral position.
