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☆ MOVEit hack claims Calpers and Genworth as millions more victims impacted
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

News reports said information from more than 700,000 Calpers members and retirees was taken. The MOVEit software is widely-used by organisations around the world to share sensitive data. Genworth Financial was harder hit, saying personal information of nearly 2.5 million to 2.7 million of its customers was breached. "The personal information of a significant number of insurance policyholders or other customers of its life insurance businesses was unlawfully accessed," Genworth said. The MOVEit hack has hit several state and federal agencies.

Persons: PBI, Calpers, Genworth, Niket, Chris Sanders, Maju Samuel, Daniel Wallis Organizations: Genworth, PBI Research Services, U.S . Department of Energy, Washington DC, Thomson Locations: Calpers, Burlington , Massachusetts, Russia, Bengaluru, Washington

☆ California pension fund looks to boost venture capital investments despite startup market turmoil
▼ + stars: | 2023-06-14 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

California's giant public pension fund is looking to increase its venture capital exposure in the coming months, despite a swoon in the startup market and lackluster performance of late by the fund's VC portfolio. Between 2000 and 2020, CalPERS underperformed the venture market, according to a PitchBook report, notching annual returns of 0.49%. In the last year, while CalPERS' PE portfolio returned −4.7%, CalPERS' venture investment performance came in at −24.8%. The pension fund's investments have skewed to the public market and to so-called "real assets," such as property. WATCH: Pension funds venture investments

Persons: Anton Orlich, Orlich, CalPERS Organizations: California Public Employees, National Venture Capital Association, Venture Locations: −

TOKYO, June 13 (Reuters) - Toyota (7203.T) faces an unprecedented challenge at its annual shareholder meeting on Wednesday, with some pension funds voting against Chairman Akio Toyoda on governance issues, while seeking more disclosures on the Japanese automaker's climate lobbying. Two prominent U.S. proxy advisers have flagged concern about Toyota's board independence. The step comes as companies across Japan face more pressure from investors, especially on environmental, social and governance (ESG) issues. The strong financial performance has meant concerns about board independence have largely been shrugged off, said Kazunori Suzuki of Waseda Business School. He enjoys strong support from individual investors and the many suppliers and Toyota group companies among its shareholders.

Persons: Akio Toyoda, Toyoda, Kentaro Shibata, Kazunori Suzuki, Anders Schelde, Denmark's, AkademikerPension, AkademikerPension's Schelde, Nicholas Benes, Benes, that's, Makiko Yamazaki, Maki Shiraki, Daniel Leussink, David Dolan, William Mallard, Clarence Fernandez Organizations: Toyota, Nikkei, Waseda Business School, Tokyo, Exchange, Services, International Paralympic Committee, Sumitomo Mitsui Financial Group, Training, of Japan, Nissan, Honda, Reuters, Thomson Locations: TOKYO, New York, Japan, Toyota

☆ Calpers announces plans to develop its tech venture program
▼ + stars: | 2023-06-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCalpers announces plans to develop its tech venture programCNBC's Deirdre Bosa joins 'The Exchange' to discuss the rebounding tech trade, Calpers announcement about building its venture program, and comparing venture capital returns with the buyout method.

Persons: Calpers, Deirdre Bosa

☆ Toyota gets activism, without the activists
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, June 5 (Reuters Breakingviews) - It’s one thing to be targeted by pushy activists looking for a quick return. It’s perhaps more embarrassing to receive the wholesale disapproval of American pension funds who are long-term stewards of capital. That’s the position the board of $200 billion carmaker Toyota (7203.T) finds itself in. The pair also favoured a resolution brought by Danish and Dutch pension funds urging Toyota to improve disclosure of its lobbying on climate change. Toyota insists its board adheres to the Tokyo Stock Exchange’s independence standards.

Persons: Akio Toyoda, Katrina Hamlin, Pete Sweeney, Pranav Kiran Organizations: Reuters, Toyota, New York, California Public Employees, Danish, Tokyo Stock, Twitter, Thomson Locations: SINGAPORE, New York City, Una, Saudi, East

Toyota shares closed up 3.4%, outperforming the 1.2% gain in the Nikkei index (.N225). BOARD INDEPENDENCENew York City Comptroller Brad Lander said in a statement the Toyota board was not adequately independent. The New York comptroller's office oversees a pension system with $243 billion in assets under management. Those funds held 6.7 million shares in Toyota Group companies, including Toyota Boshoku (3116.T) and Toyota Tsusho (8015.T) as of end March. The New York pension system has also urged both Ford (F.N) and General Motors (GM.N) to move rapidly toward electrification and to disclose more about their lobbying on vehicle standards.

Persons: Akio Toyoda, Glass Lewis, Toyoda, CalPERS, Brad Lander, Daniel Leussink, David Dolan, Maki Shiraki, Kevin Krolicki, Jamie Freed, Christopher Cushing, Leslie Adler Organizations: Toyota Motor Corp, California Public Employees, New York, Toyota, Tokyo Stock Exchange, Nikkei, The, Toyota Group, Ford, General Motors, Lexus, Thomson Locations: TOKYO, New York City, York, Tokyo

One of them, Glass Lewis, recommended shareholders vote against re-electing Toyoda, citing what it said was his responsibility for the lack of a sufficiently independent board. Toyota on Friday did not immediately comment on the votes against the re-election of Toyoda. The New York comptroller's office oversees a pension system with $243 billion in assets under management. BOARD INDEPENDENCENew York City Comptroller Brad Lander said the Toyota board was not adequately independent, in a statement explaining the vote by the funds it oversees. The New York pension system has also urged both Ford (F.N) and General Motors (GM.N) to move rapidly toward electrification and to disclose more about their lobbying on vehicle standards.

Persons: Akio Toyoda, Glass Lewis, Toyoda, CalPERS, Brad Lander, Elon, Daniel Leussink, David Dolan, Maki Shiraki, Kevin Krolicki, Jamie Freed Organizations: Toyota Motor Corp, California Public Employees, New York, Toyota, Tokyo Stock Exchange, The, New, Ford, General Motors, Thomson Locations: TOKYO, New York City, York, New York, Tokyo

One of them, Glass Lewis, recommended shareholders vote against re-electing Toyoda, citing what it said was his responsibility for the lack of a sufficiently independent board. CalPERS, which declined to comment, is the largest U.S. public pension fund with some $450 billion in assets under management. The New York City pension funds held 6.7 million shares in Toyota Group companies, including Toyota Boshoku (3116.T) and Toyota Tsusho (8015.T) as of end March. BOARD INDEPENDENCENew York City Comptroller Brad Lander said the Toyota board was not adequately independent, in a statement explaining the vote by the funds it oversees. The New York pension system has also urged both Ford (F.N) and General Motors (GM.N) to move rapidly toward electrification and to disclose more about their lobbying on vehicle standards.

Persons: Akio Toyoda, Glass Lewis, Toyoda, CalPERS, Brad Lander, Daniel Leussink, David Dolan, Maki Shiraki, Kevin Krolicki, Jamie Freed, Christopher Cushing Organizations: Toyota Motor Corp, California Public Employees, New York, Toyota, Tokyo Stock Exchange, The, New, Toyota Group, Nikkei, Ford, General Motors, Lexus, Thomson Locations: TOKYO, New York City, York, Tokyo

☆ Investors who showed Q1 bets on Nvidia may have got boost as it joined $1 trillion club
▼ + stars: | 2023-05-30 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

They may not reflect current holdings, as fund managers may have added or sold shares since then. Many investors have piled in to the chipmaker that has quickly become one of the biggest winners of the AI boom. In the previous quarter, Nvidia was not part of GQG's portfolio. Among prominent investors who sold Nvidia's shares before its recent jump is ARK Invest. California Public Employees' Retirement System (CalPERS) sold roughly 1 million shares in Nvidia, but remained with about $1.2 billion in shares in the first quarter.

Persons: Cathie Wood, Carolina Mandl, Megan Davies, Matthew Lewis Organizations: YORK, Nvidia, GQG Partners, Fort, GQG Partners Inc, Nvidia Corp, Tiger Global Management, Wellington Management Group, Moore, ARK, California Public Employees, Carolina, Thomson Locations: U.S, Australia, Fort Lauderdale , Florida, India's, California, New York

By margins of at least 3-to-1, shareholders voted against three proposals that Berkshire disclose more about its climate-related risks or greenhouse gas emissions and efforts to address them, and its efforts to promote diversity. They also voted down by a nearly 10-to-1 margin a renewed call for an independent director to replace Buffett as chairman. The proponent of the independent chair proposal said it would leave Berkshire "less identified" with Buffett's "political activities." The votes were not surprising because Buffett owns special shares that give him a nearly 32% voting stake in Berkshire, making it difficult to adopt proposals he opposes. Berkshire shareholders also reelected the company's 15-person board.

☆ Warren Buffett set for 59th Berkshire Hathaway shareholder marathon as big questions loom
▼ + stars: | 2023-05-06 | by ( Jonathan Stempel | ) www.reuters.com time to read: +6 min

[1/2] Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. Tens of thousands of people are flocking to Omaha, Nebraska this weekend for the extravaganza that Buffett, 92, calls "Woodstock for Capitalists." "Charlie is 99 and Warren turns 93 on Aug. 30," Lountzis added, "and you just don't know how many more you're going to have." Buffett and Munger are due to answer five hours of shareholder questions at the meeting. "We believe in constructive engagement and dialogue, whether it's Warren Buffett or another company," Frerichs said in an interview.

Companies Berkshire Hathaway Inc FollowOMAHA, Nebraska, May 6 (Reuters) - Berkshire Hathaway Inc (BRKa.N) shareholders on Saturday overwhelmingly rejected six proposals for environmental, social and governance changes at Warren Buffett's conglomerate, all of which the billionaire investor and his board opposed. By margins of at least 3-to-1, shareholders voted against three proposals that Berkshire disclose more about its climate-related risks or greenhouse gas emissions and efforts to address them, and its efforts to promote diversity. The proponent of the independent chair proposal said it would leave Berkshire "less identified" with Buffett's "political activities." The votes were not surprising because Buffett owns special shares that give him a nearly 32% voting stake in Berkshire, making it difficult to adopt proposals he opposes. Berkshire shareholders also reelected the company's 15-person board.

☆ Buffett set for 59th shareholder marathon as big questions loom
▼ + stars: | 2023-05-04 | by ( Jonathan Stempel | ) www.reuters.com time to read: +6 min

[1/2] Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. Tens of thousands of people are flocking to Omaha, Nebraska this weekend for the extravaganza that Buffett, 92, calls "Woodstock for Capitalists." Buffett and Munger are due to answer five hours of shareholder questions at the meeting. "We believe in constructive engagement and dialogue, whether it's Warren Buffett or another company," Frerichs said in an interview. Reporting by Jonathan Stempel in Omaha, Nebraska; Editing by Will Dunham and Megan DaviesOur Standards: The Thomson Reuters Trust Principles.

☆ Why Warren Buffett Runs Berkshire Hathaway His Way - The New York Times
▼ + stars: | 2023-05-02 | by ( Roger Lowenstein | ) www.nytimes.com time to read: +3 min

Not surprisingly, Mr. Buffett has become a target for progressive institutional investors. (A resolution calling for Mr. Buffett to step down as board chairman, though not as C.E.O., fared the worst.) CalPERS, which manages retirement funds in California, demands that Berkshire publish an annual “assessment” on how it manages climate risks. (This is a good place to note: I’m not only a Warren Buffett biographer, I’m also a long-term Berkshire stockholder.) Mr. Buffett was the son of a conservative Republican who served four terms in Congress.

☆ Berkshire Hathaway’s energy company is about to hit a major renewable energy milestone
▼ + stars: | 2023-04-22 | by ( Tim Mullaney | ) www.cnbc.com time to read: +3 min

With annual meeting season coming soon, Warren Buffett's climate record is back in the news – and activists are still not happy. Buffett's Berkshire Hathaway conglomerate faces three different shareholder resolutions heading into its annual "Woodstock for capitalism" on May 6. Buffett's climate metrics getting betterBerkshire is a climate paradox: Many of its climate metrics are improving rapidly, if not as fast as some competitors. Berkshire Energy spokesman Brandon Zero said the company would have no comment. But it still uses more coal, the dirtiest major electricity fuel – coal represents 23% of Berkshire's power mix – more than the national average of 20%.

☆ Berkshire Hathaway’s utility company is about to hit a major renewable energy milestone
▼ + stars: | 2023-04-21 | by ( Tim Mullaney | ) www.cnbc.com time to read: +3 min

With annual meeting season coming soon, Warren Buffett's climate record is back in the news – and activists are still not happy. Buffett's Berkshire Hathaway conglomerate faces three different shareholder resolutions heading into its annual "Woodstock for capitalism" on May 6. Buffett's climate metrics getting betterBerkshire is a climate paradox: Many of its climate metrics are improving rapidly, if not as fast as some competitors. Any discussion of Berkshire and climate necessarily begin with its utility business, since electricity production accounts for a quarter of U.S. greenhouse gas emissions. Berkshire Energy spokesman Brandon Zero said the company would have no comment.

NEW YORK, Feb 21 (Reuters) - Major U.S. pension fund CalPERS is seeking a meeting with rail operator Norfolk Southern (NSC.N) at which it plans to ask about the derailment of a train loaded with toxic chemicals earlier this month, a spokeswoman for the fund said on Tuesday. CalPERS, which stands for the California Public Employees' Retirement System, held $200.6 million worth of Norfolk Southern debt and equity as of the end of 2022, a CalPERS spokeswoman said. "We are in the process of requesting a meeting with Norfolk Southern," she said. Talks between the fund and companies are usually confidential, but CalPERS will update its membership "if anything pertinent comes from this discussion," the spokeswoman added. Norfolk Southern did not immediately respond to a request for comment.

☆ Returns from top venture firms NEA, DCM, and Khosla have been dismal over the past 2 decades, according to filings from California's largest pension fund, CalPERS
▼ + stars: | 2023-02-15 | by ( Ben Bergman | ) www.businessinsider.com time to read: +4 min

CalPERS is the US's largest public pension plan, managing the retirement accounts of 1.5 million California employees and retirees. Unlike many other financial institutions, VC funds are not required to show their return on investment in startups. The CalPERS fund's $75 million bet in 2001 on a venture fund managed by the Carlyle Group lost money. A $25 million investment in DCM's 2000 fund had a 1.9% IRR. Its $260 million investment in two Khosla Ventures funds in 2009 yielded an IRR of 11.8% for the early-to-midstage fund and 6.9% for the seed-stage fund.

☆ There's no place for politics in public employee pensions, says CalPERS CEO
▼ + stars: | 2023-01-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's no place for politics in public employee pensions, says CalPERS CEOMarcie Frost, CEO of CalPERS, the nation's largest pension fund, joins 'Squawk Box' to discuss her response to the lawmakers who sent a letter to the firm warning of antitrust concerns, the battle over ESG investing, and more.

☆ Wall Street landlords who've stockpiled $110 billion are lying in wait for their biggest American home-buying spree yet
▼ + stars: | 2022-12-22 | by ( James Rodriguez | Daniel Geiger | ) www.businessinsider.com time to read: +11 min

Institutional investors have earmarked as much as $110 billion to buy or build single-family homes. Institutional investors now own about 3% of the roughly 20 million single-family-rental homes in the US, according to Roofstock, an online marketplace for single-family investment properties. That would be nearly 9% of the roughly 88 million single-family homes in the US, according to the Census Bureau's most recent statistics from 2020. Better deals expected in the years aheadThere are signs the institutional investors won't have to wait long to begin buying. That leaves between roughly $70 billion and $80 billion that could still flow into the sector.

☆ Calpers’ Investment Chief Highlights Lagging Returns, ‘Lost Decade’ for Private Equity
▼ + stars: | 2022-09-20 | by ( Heather Gillers | ) www.wsj.com time to read: 1 min

Calpers put $5 billion or less in new money into private equity every year between 2009 and 2018. The nation’s largest pension fund got a scathing performance review Monday when its new investment chief highlighted the retirement system’s underperforming returns and estimated it missed out on $11 billion in gains during a “lost decade” for private equity. The unusually candid presentation to board members of the California Public Employees’ Retirement System, known as Calpers, showed returns lagging behind other large pensions in almost every asset class during the past 10 years, with private equity trailing the most, 1.3 percentage points.

☆ Walmart's secretive fintech ONE is the new disruptor in consumer banking, and the retailer has nabbed talent from Wall Street mainstays like Goldman Sachs.
▼ + stars: | 2022-09-20 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

In January last year, the retailer said it was pursuing a partnership with venture-capital firm Ribbit Capital, which backed Robinhood. The next month, Walmart lured Omer Ismail and David Stark, two executives from Goldman Sachs' Marcus, over to work on a fintech initiative. Insider's Ann Gehan, Carter Johnson, and Ben Tobin have identified the key people shaping this effort at its fintech called ONE. Done deals :Acrisure, a fintech company that operates an insurance broker and real-estate services company, has acquired B2Z Insurance. Aditxt, a biotech company developing tech around monitoring the immune system, raised $20 million after selling 3.33 million shares on Nasdaq.

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