The Board of Administration implemented changes to its committee structure this month as a result of a comprehensive review of governance policies and best practices.
After embarking on a nearly yearlong process with the Board working closely with CalPERS staff and consultants, CalPERS Board committees have been restructured, reducing the number of committees from seven to six. The Benefit and Program Administration and Health Benefits committees have been consolidated into the Pension and Health Benefits Committee. Administration issues will be part of a new Finance and Administration Committee. Audit compliance issues will now be addressed in a new Risk and Audit Committee. The Investment, Board Governance, and Performance and Compensation committees did not change. The Board also streamlined the format for its meeting agendas and added consent calendars to all Board and committee meeting agendas.
Additionally, the CalPERS Board will begin webcasting all committee and Board meetings starting in March 2012.
Watch Rob Feckner discuss the new governance structure.
CalPERS is working hard to ensure the retirement and health security of our members, provide help to our employers, and manage our investments to meet our long-term liabilities. We hope this information provides education, insight, and clarity.
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