Board meeting - January 2022
Unless otherwise specified, meetings will be held at the following location:
Web Conference
Public Call LetterAll meeting times are approximate depending upon the end of the previous meeting.
January 27, 2022
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 01Item 01 - Attachment 1 - January 2022 Investment Committee AgendaItem 2 - Opportunities for Statements from the Public
Session: Open | Type: Informational | Presenter: Chairperson
Item 3 - Private Equity Policy Revision – Co-Investments – Second Reading
Session: Open | Type: Action | Presenter: Margot Wirth and Rob Ross
Item 03Item 03 - Attachment 1 – Private Equity Policy – Clean VersionItem 03 - Attachment 2 – Private Equity Policy – Redline VersionItem 03 - Attachment 3 – Overview of Private Equity Collaborative Model (1.0, 2.0, and Beyond)Item 03 - Attachment 4 – Overview of Private Equity Risk ControlsItem 03 - Attachment 5 – Enhanced Portfolio Risk Report – SampleItem 03 - Attachment 6 – Delegation of Authority SummaryItem 03 - Attachment 7 – Meketa MemoItem 3 PowerPointItem 4 - Investment Policy & Management Plan Revision – Asset Allocation – First Reading
Session: Open | Type: Action | Presenter: Geraldine Jimenez
Item 04Item 04 - Attachment 1 – Meketa Investment Group Concurrence MemoItem 04 - Attachment 2 – Investment Policy and Management Plan – Redline VersionItem 04 - Attachment 3 – Investment Policy and Management Plan – Clean VersionItem 5 - Chief Investment Officer’s Report
Session: Open | Type: Informational | Presenter: Christopher Ailman
Item 05Item 05 - Attachment 1 – Investment Portfolio Risk Report as of November30, 2021Item 5 PowerPoint
Item 6 - Approval of Minutes of the November 4, 2021, Investment Committee Meeting – Open Session
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 06Item 7 - Net Zero Strategy - Progress and Planning Update
Session: Open | Type: Consent/Information | Presenter: Chairperson
Item 07Item 07 - Attachment 1 – Net Zero Green Team OverviewItem 07 - Attachment 2 – Definition of Greenhouse Gas Emissions ScopesItem 8 - SISS – 2022 Stewardship Priorities, 2021 Highlights
Session: Open | Type: Consent/Information | Presenter: Chairperson
Item 08Item 08 - Attachment 1 – Stewardship PrioritiesItem 9 - Review of Information Requests
Session: Open | Type: Informational | Presenter: Chairperson
Item 10 - Draft Agenda for the Next Committee Meeting
Session: Open | Type: Informational | Presenter: Chairperson
Item 10Item 11 - Tactical Investment Strategy Discussion (Gov. Code, sec. 11126(c)(16))
Session: Closed | Type: Informational | Presenter: Investment Staff and Consultants
Item 12 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))
Session: Closed | Type: Informational | Presenter: Brian J. Bartow
Item 13 - Approval of Minutes of the November 4, 2021, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)
Session: Closed | Type: Consent/Action | Presenter: Chairperson
NOTE: Items designated for information are appropriate for committee action if the committee wishes to take action. Items on the agenda of board committees may be referred to the board for discussion and possible action. Agenda items may be taken out of order with the approval of the Chairperson. Board members who are not members of the committee may attend and observe but may not participate in the discussion of agenda items.
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 1Item 1 - Attachment 1 - Benefits & Services Committee AgendaItem 2 - Approval of Minutes of the September 2, 2021, Benefits and Services Committee Meeting – Open Session
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 2Item 3 - Triennial Health Benefits Study
Session: Open | Type: Informational | Presenter: Tom Buffalo
Item 3Item 3 - Attachment 1 - Triennial Health Benefits StudyItem 3 - PowerPointItem 4 - Retirement Readiness Member Education & Engagement Efforts
Session: Open | Type: Informational | Presenter: Sandy Blair
Item 4Item 4 - PowerPointItem 5 - Review of Information Requests
Session: Open | Type: Informational | Presenter: Chairperson
Item 6 - Draft Agenda for the Next Committee Meeting
Session: Open | Type: Informational | Presenter: Chairperson
Item 6Item 7 - Opportunity for Statements from the Public
Session: Open | Type: Informational | Presenter: Chairperson
NOTE: Items designated for information are appropriate for committee action if the committee wishes to take action. Items on the agenda of board committees may be referred to the board for discussion and possible action. Agenda items may be taken out of order with the approval of the Chairperson. Board members who are not members of the committee may attend and observe but may not participate in the discussion of agenda items.
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 1Item 1 - Attachment 1 - Board Governance Committee AgendaItem 2 - Approval of the Minutes of the November 5, 2021, Board Governance Committee Meeting – Open Session
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 2Item 3 - Review of Board and Committee Meeting Format and Meeting Materials – Remote Meeting Environment and Policy Discussion
Session: Open | Type: Informational | Presenter: Amy McDuffee, Catherine Jackson, Mosaic Governance Advisors, LLC
Item 3Item 3 - PowerPointItem 4 - Review of Information Requests
Session: Open | Type: Informational | Presenter: Chairperson
Item 5 - Draft Agenda for Next Committee Meeting
Session: Open | Type: Informational | Presenter: Chairperson
Item 5Item 6 - Opportunity for Statements from the Public
Session: Open | Type: Informational | Presenter: Chairperson
NOTE: Items designated for information are appropriate for committee action if the committee wishes to take action. Items on the agenda of board committees may be referred to the board for discussion and possible action. Agenda items may be taken out of order with the approval of the Chairperson. Board members who are not members of the committee may attend and observe but may not participate in the discussion of agenda items.
January 28, 2022
Item 1 - Approval of Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 01Item 01 - Attachment 1 – Regular Meeting AgendaItem 2 - Approval of Minutes of the November 5, 2021, Regular Meeting – Closed Session (Gov. Code, sec. 11126)
Session: Closed | Type: Consent/Action | Presenter: Chairperson
Item 3 - Committee Reports (Gov. Code, Sec. 11126) a. Investment Committee b. Appeals Committee
Session: Closed | Type: Consent/Information | Presenter: Committee Reports (Gov. Code, Sec. 11126)
Item 4 - Consultant Evaluation: Grant Thornton (Gov. Code, sec. 11126(a))
Session: Closed | Type: Informational | Presenter: Harry Keiley / Amy McDuffee, Mosaic Governance Advisors
Item 5 - Chief Executive Officer Briefing on Performance and Personnel Issues (Gov. Code, sec. 11126(a), (b), (g))
Session: Closed | Type: Informational | Presenter: Cassandra Lichnock
Item 6 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))
Session: Closed | Type: Informational | Presenter: Brian J. Bartow
Item 7 - Chief Executive Officer Report
Session: Open | Type: Informational | Presenter: Cassandra Lichnock
Item 07Item 8 - HQE Budget Approval
Session: Open | Type: Action | Presenter: Lisa Blatnick / Julie Underwood
Item 08Item 08 - Attachment 1 - HQE Budget HistoryItem 08 - Attachment 2 - Analytical AssumptionsItem 08 - PowerPointItem 9 - Review of Board Valuation Policy for the Defined Benefit Program
Session: Open | Type: Action | Presenter: David Lamoureux / Rick Reed
Item 09Item 09 - Attachment 1 – Proposed Revisions to Section 7F of the Board Governance ManualItem 09 - PowerPointItem 10 - Report and Recommendations for Long-Term Incentive Plan
Session: Open | Type: Action | Presenter: Melissa Norcia / Peter Landers, Global Governance Advisors
Item 10Item 10 - PowerPointItem 11 - Revisions to the 2021-22 and 2022-23 Board Meeting Calendar
Session: Open | Type: Action | Presenter: Cassandra Lichnock
Item 11Item 11 - Attachment 1 – Proposed Fiscal Year 2021-2022Item 11 - Attachment 2 – Proposed Fiscal Year 2022-2023Item 12 - Draft CalSTRS Strategic Plan 2022-25
Session: Open | Type: Informational | Presenter: Amy McDuffee, Mosaic Governance Advisors / Cassandra Lichnock
Item 12Item 12 - Attachment 1 – Draft CalSTRS 2022–25 Strategic PlanItem 13 - Benchmarking Review Project
Session: Open | Type: Informational | Presenter: Melissa Norcia/Stephen McCourt and Allan Emkin, Meketa Investment Group
Item 13Item 13 - Attachment 1 – Benchmark OverviewItem 13 - PowerPointItem 14 - State and Federal Legislation
Session: Open | Type: Informational | Presenter: Joycelyn Martinez-Wade
Item 14Item 14 - Attachment 1 – Potential LegislationItem 15a - Committee Reports 1) Investment Committee 2) Appeals Committee 3) Audits and Risk Management Committee 4) Benefits and Services Committee 5) Board Governance Committee
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 15b - Approval of Minutes of the November 5, 2021, Regular Meeting – Open Session
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 15bItem 15c - Board Member Education - Revised
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 15cItem 15d - Contracts Requiring Board Approval - Revised
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 15dItem 16 - Items Referred by Committee for Board Decision
Session: Open | Type: Informational | Presenter: Chairperson
Item 17 - New Business / Review of Information Requests
Session: Open | Type: Informational | Presenter: Chairperson
Item 18 - Draft Agenda for Next Meeting
Session: Open | Type: Informational | Presenter: Chairperson
Item 18Item 19 - Opportunity for Statements from the Public
Session: Open | Type: Informational | Presenter: Chairperson
NOTE: Items designated for information are appropriate for board action if the board wishes to take action. Agenda items may be taken out of order with the approval of the Chairperson.