New CalPERS board member questions engagement as an ESG strategy

Chief Investment Officer is reporting that Jason Perez, the newly-elected board member of the California Public Employees’ Retirement System, is skeptical of CalPERS’ ESG strategies, including engagement. He reportedly said, “We should not be extorting companies.” Shareholder engagement has become a preferred method of addressing ESG risks, though it has garnered the interest (and concern) of both the SEC and DOL, as well.