The disconnect was on display at a 2021 investment committee meeting of the California Public Employees’ Retirement System (CalPERS), which provides benefits to more than 750,000 individuals. An external adviser warned board members that the boom in blank-cheque companies was a sign of froth in financial markets. — Reuters
NEW YORK: Canada selects directors to oversee its public pension funds for their financial expertise and pays some six-figure salaries. In the Netherlands, board members must obtain approval from the central bank.
In the United States, a lineup of unpaid union-backed reps, retirees and political appointees are the vanguards of a US$4 trillion (RM17.6 trillion) slice of the economy that looks after the nation’s retired public servants. They’re proving to be no match for a system that’s exploded in size and complexity.
Save 30% and win Bosch appliances! More Info
