CalPERS' investment committee is expected to decide whether to eliminate some committee oversight duties but leave the board to retain ultimate control, according to the committee agenda for the $350 billion pension plan.
Staff of the California Public Employees Retirement System, Sacramento, will be recommending at a meeting April 20 that the investment committee no longer delegate oversight of asset class strategic plans and portfolio construction guidelines. The reason is that it is "too granular for committee oversight purposes," a staff memo to the committee said.
Staff is also suggesting the committee no longer have oversight of external manager performance and the manager selection process, as well as the investment office's risk assessment and control environment. The memo said that the reason for both is that those are "the role of management, which must be held accountable."