EXTERNALITIES AND THE COMMON OWNER: VIEW FROM A SHAREOWNER

摘要

California Public Employees' Retirement System (CalPERS) is the largest-defined benefit public pension fund in the United States, with about $450 billion in global assets under management. CalPERS actively protects its rights as an investor and the Board Governance and Sustainability program sits at the center of this effort. Collectively, we have more than 40 years-experience in corporate governance and have been very close to CalPERS' work on engagement, advocacy and integration of climate change risk and opportunity, as well as the conduct of this work through partnerships. We appreciate Madison Condon's focus on the great work of Climate Action 100+ in her article Externalities and the Common Owner (the Article). As the convener and co-founder of Climate Action 100+, we are delighted to provide background on CalPERS' focus on climate change, our work with Climate Action 100+, and some of our thoughts on the Article given our knowledge of the common ownership debate.