Skip to comments.Report: CalPERS president likely will be ousted from board
Posted on 11/30/2004 8:25:26 AM PST by NormsRevenge
SACRAMENTO (AP) - The president of the nation's largest pension fund believes he will be ousted from the board after waging a corporate reform movement using its $177 billion investment portfolio as leverage, according to a newspaper report.
Sean Harrigan, head of the California Public Employees' Retirement System since 2003, serves on the pension fund's panel as the representative of the state Personnel Board. Harrigan told the Los Angeles Times in Tuesday's editions that he has been told that a majority of his fellow Personnel Board members will vote Wednesday to replace him when his term expires early next year.
CalPERS controls the retirement funds of 1.4 million state employees and retirees. Fund managers have used its large stake in companies to influence corporate behavior and advance reform movements, such as reining in executive pay.
Harrigan, who also is a union officials, told the Times that corporate and political interests were "trying to take out one of the most outspoken advocates on behalf of corporate governance in the country."
He accused Gov. Arnold Schwarzenegger's administration of lobbying to have him removed, but did not offer solid evidence. A spokesman for the Republican governor dismissed that assertion as a "conspiracy theory."
Harrigan singled out the Walt Disney Co. and other corporate giants as leading the drive to oust him. Disney Vice President John Spelich called Harrigan's claims "utterly ridiculous."
Several unions and the leaders of consumer and retiree groups sent a letter Monday to Personnel Board members urging that Harrigan be retained.
"It would be unconscionable if the Schwarzenegger administration and a few narrow corporate interests such as the Chamber of Commerce, who have opposed corporate reform efforts were to use the (Personnel Board) as a pawn in their fight against shareholders and fundamental fairness in our national's financial markets," the letter said.
CalPERS Investment Committee Chairman Rob Feckner confirmed that Harrigan's departure was likely, but said the move would not diminish CalPERS' corporate activism.
Harrigan, a regional executive for the United Food and Commercial Workers Union, and the CalPERS board were at the forefront of an attempt in March to oust Disney Chief Executive Michael Eisner from his post. Eisner later lost his job as chairman and announced he would retire in 2006.
Critics accuse Harrigan and the CalPERS board of spending more time going after corporations than getting the best rate of return for retirees.
Harrigan and the board have sought tough investment standards for financial institutions, led efforts to sue Enron Corp. to recover losses from bonds and pushed for the resignation of New York Stock Exchange Chairman Richard Grasso. More recently, the CalPERS board adopted a policy endorsed by Harrigan of voting against corporate directors who allow excessive executive pay.
Harrigan beat out former San Francisco Mayor Willie Brown to become president of CalPERS.
On the Net:
Got Maalox ;-?
The CalPERS head, an advocate of corporate reform, has alienated big business...unions, retirees and consumer groups want him to stay
By Marc Lifsher, Los Angeles Times
The head of the California Public Employees' Retirement System said Monday that he was being ousted from the board of the nation's largest public pension fund, where his efforts to use its $177-billion investment portfolio to push an array of corporate reforms have roused the ire of business interests. Sean Harrigan, president of CalPERS since early 2003, is a union official who serves on the pension fund's panel as the representative of the state Personnel Board. He said he had been told that a majority of his fellow Personnel Board members would vote Wednesday to replace him when his CalPERS term expires early next year.
Willie Brown must be drooling over this job. Good Luck to the pensioners and their fund...
It appears that Willie is busy cutting this union thug's throat via knife wounds in the back of the union thug's neck.
Cal Pers continues to a Poster Boy organization of what happens when liberals run an organization.
Whenever a leftie starts to squeal publicly like the statements below, that usually means that he/she/it is under some serious investigation by authorities not afraid of them.
"Harrigan, who also is a union officials, told the Times that corporate and political interests were "trying to take out one of the most outspoken advocates on behalf of corporate governance in the country."
"He accused Gov. Arnold Schwarzenegger's administration of lobbying to have him removed, but did not offer solid evidence. A spokesman for the Republican governor dismissed that assertion as a "conspiracy theory."
Soon, he will be blaming GW and the moral majority, Christians and real Jews for his problems.
Time to buy it by the gallon!!!!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.