CalPERS Board of Administration | Monday, November 17, 2025

Board of Administration, California Public Employees' Retirement System · November 20, 2025

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Opening and roll call

0:15 → 26:46(26m 31s)

Chair calls the open Board session, asks for roll call; numerous board members and proxies register present or excused (Theresa Taylor, David Miller, Malia Cohen proxies noted among others). Controllers marked excused. Chair adjourns briefly to closed session before returning to open session and moving to the Investment Committee.

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The CalPERS Investment Committee approved moving to a Total Portfolio Approach (TPA) with a 75/25 equity-to-bond reference portfolio and a 400-basis-point active risk limit, after extended staff presentations, public comment and board debate. The meeting included extensive public comment urging fossil-fuel divestment, a Sustainable Investments annual review, and an update on the Responsible Contractor Policy.

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Transcript

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