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Calpers as sovereign wealth fund

The California public employee pension fund "is just as political in its investment decisions as any Arab emirate," to quote the WSJ's summary of an op-ed by Benn Steil of the Council on Foreign Relations. And while it likes to portray itself as a leading advocate of improved corporate governance, the shareholder initiatives Calpers advances often have more to do with the interests of its union constituents than with those of other shareholders.

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Rafael Mangual
Project Manager,
Legal Policy

Manhattan Institute


Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.