CalPERS Response - Investments in China
Please see the below information CalPERS has shared with us regarding investments in China.
Valued stakeholders – below is an update from our CEO Marcie Frost to the organization, regarding accusations being made about CalPERS investments in China, and our Chief Investment Officer. The note includes links to a letter we sent to the Indiana congressman who is pushing this narrative, and a fact sheet, both publicly available on our website.
I wanted to update you on an issue I brought to your attention last week regarding a letter sent by an Indiana congressman to Governor Newsom criticizing CalPERS’ investments in China and our Chief Investment Officer Ben Meng.
Yesterday, we proactively reached out to and met with the congressman’s staff in an effort to educate his office about the process we use to make stock investments around the world, including in China, and the factors used in making those investments.
Earlier this morning we sent a letter to the congressman reiterating the information we shared in the meeting. As I stated in the letter, it is regrettable that the congressman did not contact CalPERS to check the facts before publishing baseless accusations about CalPERS and Ben. We’ve posted the letter and a fact sheet on our website.
Ben is a globally respected financial expert who has worked for leading firms including Barclays, Lehman Brothers and Morgan Stanley. His commitment to CalPERS is extraordinary and his integrity above reproach. Ben included appropriate disclosures to CalPERS about his prior work in China when we recruited him.
As our Board President Henry Jones said at our Board meeting yesterday, “Dr. Meng has CalPERS’ full and unwavering support.”
- Marcie Frost