In Proxy Votes, CalPERS Hides True Agenda

Give the California Public Employees’ Retirement System credit for this much -- it knows how to stick by a bluff when it’s been called (“CalPERS Blasts Safeway Decision to Retain Burd,” May 4).

First, the pension fund succumbed to pressure from its union-influenced board members and attacked Safeway Inc., insisting the company make its board more independent. Analysts and others called this move a bold attempt by organized labor to accomplish through its friends on the pension fund board what it failed to do on the picket line or at the bargaining table.

CalPERS insisted its motives were pure. Then, Safeway called CalPERS’ bluff, making a number of board changes in keeping with the fund’s demands. Amazingly, instead of declaring victory, CalPERS loudly insisted Safeway remained a target for the pension fund.

Clearly, CalPERS has an agenda other than the one it’s showing the public.

Linda Okun

Glendora

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Proxy season for public companies is always interesting. This year is no exception.

Under the banner of conflicts of interest, the most interest-conflicted investment entity in the country, CalPERS -- its board is packed with want-to-be governors and pro-union agenda labor leaders -- is voting against board members at more than 2,700 of America’s best companies.

The CalPERS board could not meet the conflict criteria it applies to the businesses in which it invests. Investors’ proxy choices should give CalPERS a vote of no confidence, and maybe that board will get replaced.

Lawrence Jones

Riverside