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Votes at a glance: CalSTRS Investment Committee approves SIS portfolio change and SAA step, adopts agenda
Summary
At the May 2025 meeting the committee approved moving the public sustainable-equity strategy into the global equity portfolio, approved the next step in the strategic asset allocation, and adopted the meeting agenda with flexibility.
The Investment Committee took three formal actions during the open session:
1) Agenda adoption: Committee Chairperson Keely called for adoption of the day’s agenda. The agenda was moved by Daniel Tang and seconded by Karen Yamamoto. The chair said, “Without objection, the agenda has been approved with some flexibility.” (motion recorded at the start of the meeting; public comment was then scheduled).
2) Policy revision — SIS portfolio graduation to global equity: The committee approved a first-reading policy revision to move the CalSTRS Sustainable Investments and Stewardship (SIS) public equities portfolio into the global equity asset class (the SIS portfolio will continue to exist focused on private investments). Committee members moved and seconded the motion (moved by Representative Bradford, seconded by Hendricks), conducted a voice vote and the committee adopted the revision unanimously.
3) Strategic asset allocation (SAA) step: As part of the multi-step implementation of a 2023 asset-liability study, the committee approved the third step to shift 1 percentage point from global equities to inflation-sensitive assets effective July 1, 2025. Staff recommended the change; the committee adopted the change (motion moved by Mr. Juarez, seconded by Mr. Tang) with concurrence from staff and consultants.
All motions were passed by voice or voice-roll procedure; no recorded roll-call tallies were presented in open session. Several items discussed (for example, the net-zero strategy and Mercer operational recommendations) were informational with staff directed to return with follow-up materials and costed proposals where appropriate.
