"Defeated Calpers 'Watchdog' Nears End of Term"
My sincere thanks to Bridget Hickey for writing about investment, transparency and accountability issues at CalPERS, that will remain secret after my departure.
By Bridget Hickey | November 9, 2021
Calpers’ self-styled “watchdog” trustee, Margaret Brown, will attend her last investment committee meeting next week, after she lost her bid for a second term on Oct 1. Her final day on the board is Jan 14.
.....The tone of Calpers’ meetings may shift after her departure. Known for her forceful questioning of investment staff and Calpers management, Brown has been a vocal critic of the $494.4 billion pension’s plans to expand its private equity portfolio.
....."Board members have been cowed into the belief that everybody must vote yes," Brown told FundFire. She said she is concerned that after her departure, trustees will not question sta! in public meetings and instead will only ask questions behind closed doors. “Staff doesn’t want us to ask questions in public because they think it makes them look bad,” Brown said.