SACRAMENTO, Feb. 20, — The nation's largest pension fund said today that it had elected a California labor leader to be its president, a selection that is expected to continue the fund's activist investment strategy and agenda for social change. þþThe 13-member board of the fund, the California Public Employees' Retirement System, or Calpers, elected Sean Harrigan, a vice president of the United Food and Commercial Workers International Union over Mayor Willie Brown of San Francisco to guide the $133 billion fund. The vote was 8 to 4. þþþMr. Harrigan won with both the state treasurer, Phil Angelides, and the state controller, Steven Westly, supporting him over Mr. Brown, a fellow Democrat considered to be among the most powerful politicians in California. þþþThe president, who will succeed William Crist, runs meetings, makes committee appointments and works with the pension fund's chief executive. Guiding the fund also gives the president a voice in a range of corporate and government affairs. þþþCalpers oversees benefits for 1.3 million members and the pension fund's influence stretches from Wall Street to world financial markets on issues as varied as health care, corporate governance and ethical investing based on human rights. þþþIn addition to its policy of investing in developing countries only if they meet specific standards for civil rights and market fairness, Calpers has taken a lead role in campaigning against corporations setting up headquarters in offshore tax havens and has urged new standards to avoid conflicts of interest by money managers. þþþTerry Brennand, a lobbyist for the Service Employees International Union, said Mr. Harrigan's victory showed that the labor leader was capable of forming alliances, and said he expected the board would keep pursuing its activist agenda. þþþÿWe have a very strong voice in the direction of corporate governance and investing in California,ÿ Mr. Brennand said. ÿI don't think this dramatically changes the direction of the board.ÿþ
Source: NY Times
