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CalPERS subcommittee interviews three finalists for executive and investment-compensation consultant contract
Summary
The Performance Compensation and Talent Management subcommittee of the California Public Employees' Retirement System Board of Administration opened hearings to interview three finalists for the board's primary executive and investment-compensation consultant contract (RFP 20259385).
SACRAMENTO, Calif. — The Performance Compensation and Talent Management subcommittee of the California Public Employees' Retirement System Board of Administration opened hearings to interview three finalists for the board's primary executive and investment-compensation consultant contract (RFP 20259385).
Justin Hieb, CalPERS contracts and procurement manager, told the subcommittee that the RFP was released on May 16, 2025, six proposals were received by the July 2, 2025 deadline and three firms passed the technical evaluation and advanced to interviews: Global Governance Advisors LLC, Hugessen Consulting Inc. and Mercer LLP. "The CalPERS Board of Administration has delegated to this subcommittee the authority to conduct the selection of the board's primary executive and investment compensation consultant to the recommend the finalist to the board," Hieb said.
Why it matters: The contract covers executive and investment compensation consulting for the CalPERS board for up to five years and affects procurement, governance and compensation oversight for California's largest public pension system.
Staff reported preliminary technical, fee and DVBE incentive scores for each finalist. Global Governance Advisors received a technical score of 195 points, a fee score of 600 points and a DVBE incentive of 60 points for a preliminary total of 855 points. Hugessen Consulting received technical 185, fee 553.8 and DVBE 100 for a preliminary total of 838.8 points. Mercer LLP received technical 195, fee 553.8 and DVBE 60 for a preliminary total of 808.8 points.
Interview logistics: each finalist will have 45 minutes total (5 minutes for presentation and 35 minutes for question-and-answer) with the same questions posed to all firms. The subcommittee will assign an interview score for each finalist with up to 1,200 points available; interview scores will be combined with the preliminary totals to determine overall rankings. Following scoring, the subcommittee may move to recommend the highest-scoring finalist to the full CalPERS board, subject to final negotiations and satisfaction of all requirements.
The subcommittee announced it would pause the public webcast while the interviews take place so competing finalists cannot observe one another. The webcast will resume for the subcommittee's discussion and scoring.
No formal selection or vote occurred during the portion of the meeting in the transcript. The interviews and the subcommittee's score determinations remain pending and will be recorded after the finalist presentations.
