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Controller Comments on CalPERS Vote to Sponsor Placement Agent Reform Legislation

SACRAMENTO – State Controller John Chiang today issued the following statement regarding the California Public Employees’ Retirement System board’s vote to sponsor legislation establishing reporting and ethics regulations for internal and contract agents hired to influence where public pension funds are invested:

“There is little difference between an individual hired to sway the investment of public funds in a specific company and a lobbyist hired to influence a legislative or administrative decision under the Capitol dome.

“Requiring placement agents to abide by the same laws as lobbyists will provide more accountability and transparency, and enhance confidence in the State’s pension plans and their investments of billions of public dollars.

“I am pleased the board voted to sponsor this legislation, which will re-affirm CalPERS’ leadership in corporate ethics and responsibility.”

Controller Chiang, along with the State Treasurer, have been working with CalPERS leadership on the legislation, and will co-sponsor the bill.

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