The California Public Employees’ Retirement System (CalPERS) is asking automakers to explain their decision to file a lawsuit rather than comply with the California regulations reducing CO2 emissions from new vehicles. (Earlier post.)
The CalPERS Board voted to spearhead a meeting with auto industry executives and its fellow pension fund the California State Teachers Retirement System (CalSTRS) as soon as possible in an effort to persuade car companies to do what is best for shareowners and California.
CalPERS owns approximately $832 million of stock in auto manufacturers. Fund officials have said that they are prepared to further push on auto makers if they continue to fight against California’s regulations.
“We are prepared to aggressively engage companies on this issue, including enlisting other investors in our efforts, pursuing proxy battles and filing an amicus brief,”said Rob Feckner, Chair of CalPERS Investment Committee.
CalPERS is the US’s largest public pension fund with assets of more than $177 billion.