West Sacramento, Calif., June 22, 2017 (GLOBE NEWSWIRE) -- The California State Teachers’ Retirement System’s Director of Corporate Governance Anne Sheehan was elected Chairman of the Securities and Exchange Commission’s Investor Advisory Committee today.
Ms. Sheehan was appointed as a member of the IAC when it was created in 2012, followed by her election as vice chairman in June 2015. Since April 2017, after Kurt Schacht left the committee, Ms. Sheehan has been acting chairman. In addition, Ms. Sheehan served as Chairman of the Investor as Owner Subcommittee from 2012 to 2014.
All IAC elected officers serve three-year terms.
“The IAC’s impact on the regulatory regime at the SEC over the past five years has been positive and constructive. As one of the original members since 2012, I’ve been part of the committee’s work to help focus and shape the priorities of the commission to enhance investor protection,” said CalSTRS Director of Corporate Governance Anne Sheehan. “Now as the committee’s chairman I welcome the opportunity to carry on its efforts to enhance investor rights—it’s important that the IAC continue to work in concert with the SEC to safeguard the integrity of our robust capital markets.”
Section 911 of the Dodd-Frank Act established the new Investor Advisory Committee in 2012 to advise the SEC on regulatory priorities, the regulation of securities products, trading strategies, fee structures, the effectiveness of disclosure, and on initiatives to protect investor interests. The Dodd-Frank Act authorizes the committee to submit findings and recommendations for review and consideration by the SEC.
“Anne has the political instincts, the grit, and the financial know-how to advance the interests of investors in any regulatory climate, no matter how friendly or challenging,” added CalSTRS Chief Investment Officer Christopher J. Ailman. “We are fortunate to have her working on behalf of our 914,000 member-educators on the national financial stage.”
At CalSTRS, Ms. Sheehan oversees a staff of 11 who manage a $4.1 billion Corporate Governance portfolio within the Global Equities Asset Class. CalSTRS Corporate Governance votes over 7,800 proxies each year. In the past five years, CalSTRS has filed more than 300 shareholder proposals to hold portfolio companies accountable, increase disclosure requirements and to protect the long-term value of the investments.
Ms. Sheehan is the first to hold the position of CalSTRS Director of Corporate Governance, which was created in 2008. Prior to her arrival at CalSTRS, Ms. Sheehan served a four year term with then-Governor Arnold Schwarzenegger as the Chief Deputy Director for Policy at the California Department of Finance. During her tenure at the Department of Finance, Ms. Sheehan served on the board of directors of both CalSTRS and the California Public Employees’ Retirement System (CalPERS), the only non-constitutional officer in the state ever, or since, to do so. She was appointed to the CalPERS board in 2008 by her colleagues on the State Personnel Board.
She also previously served as Secretary of California’s State and Consumer Affairs Agency under Governor Pete Wilson.
A nationally recognized leader, at age 29, President Ronald Reagan appointed Ms. Sheehan as Deputy Assistant Secretary for Congressional Affairs in the Department of Energy. She had the distinction of being the youngest person to hold such a high-level position in the Reagan Administration.
About CalSTRS
The California State Teachers’ Retirement System, with a portfolio valued at $208.7 billion as of May 31, 2017, is the largest educator-only pension fund in the world. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans. CalSTRS also provides disability and survivor benefits. CalSTRS serves California's more than 914,000 public school educators and their families from the state’s 1,700 school districts, county offices of education and community college districts.
See how CalSTRS demonstrates its strong commitment to long-term corporate sustainability principles in its annual Global Reporting Initiative sustainability report: Global Stewardship at Work.
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/6b68416f-86ed-4a66-8794-759625bb724b
Attachments:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/58ed76a0-5a08-459d-8f1c-392445304484