Editorials

  1. Suppression of dissent shouldn't be a core value

    trueCalPERS' reprimand of a board member for publicly criticizing the hiring of Theodore “Ted” Eliopoulos as its chief investment officer is unacceptable.

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  1. Risk of star dependence

    trueThe departure of William H. Gross from Pacific Investment Management Co. LLC leaves money management companies and institutional fiduciary clients alike wondering whether they should encourage the star system or a team approach to managing money.

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  2. Too complex for CalPERS

    trueCalPERS' decision on Sept. 15 to close its $4 billion hedge fund program will lead to a lot of re-examination of the investment strategy by other asset owners.

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  3. A vital SEC crucial to markets

    trueThe Securities and Exchange Commission, according to testimony by its chairwoman, Mary Jo White, is desperately short of resources and cannot adequately fulfill its responsibility to oversee the capital markets.

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  4. Lessons learned from ERISA

    trueERISA was a farsighted law in many aspects, especially in defining and assigning fiduciary responsibility, including prohibition on conflicts of interests, to those overseeing pension funds. But ERISA in the long term failed to expand defined benefit coverage.

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  5. Challenges of cybersecurity

    trueTrustees and other fiduciaries overseeing large asset pools face increasing challenges from cybersecurity risk, and must strengthen their risk management and preparedness to deal with these potential threats.

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  6. Shareholders deserve directors' attention to duties

    trueInstitutional shareholders should demand Coca-Cola Co. ask Richard M. Daley to step down as director or explain why, in the face of a personal challenge, he should stay as a member of the company's board.

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  7. Adding reality to valuations

    trueThe Securities and Exchange Commission made the right decision in exempting defined contribution plans — but not defined benefit plans, foundations, endowments and other asset owners — from its new rule requiring the share values of institutional prime money market funds to fluctuate based on ...

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  8. Beefing up fiduciary oversight

    trueInstitutional asset owners must make more of an effort to peel back the layers of complexity to deal with the fiduciary issues surrounding non-traded investments, including private equity and real estate.

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  9. Court backs efficient market

    trueThe U.S. Supreme Court made the right decision when it rejected a presumption of prudence as a defense in company stock-drop cases, replacing it with a presumption of market efficiency.

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  10. Test of governance wills

    trueThere are good neighbors. Then there is Nabors Industries Inc.

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  11. States reaching out too far

    trueThe number of private-sector employees without pension coverage — about half — has become an issue of concern at the state and federal levels.

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  12. The advancement of a bad idea

    trueEleven member countries of the European Commission are planning to introduce a financial transactions tax in 2016. If it takes effect as planned, the tax could cost pension funds, not only in Europe but also in North America, billions of dollars every year.

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  13. Winning over proxy voters

    trueThe Coca-Cola Co. equity compensation plan for executives won the approval of 83% of the shares voted at its recent annual meeting, but left the company with an ambiguous mandate. Some major institutional investors that supported the plan might have reconsidered had they known other pension funds ...

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