Concerns about CalPERS' inattention to these factors prompted the the California State Legislature's Joint Legislative AuditCommittee on 27 June 2000 to direct an audit of the fund's international portfolio.
The Joint Legislative AuditCommittee hearing suggests that the State of California and its public employee retirement funds may play a critical role in fashioning a template for a truly national effort to introduce new national security- and human rights-minded "due diligence" into debt and equity purchasing decisions.
Ray Haynes and led by Casey Institute Chair Roger W. Robinson, Jr. illuminated for members of the California state legislature's Joint Legislative AuditCommittee (JLAC) a distressing prospect: Many millions of dollars in CalPERS' and other American investment portfolios are being unwittingly invested in companies engaged in behavior inconsistent with this country's fundamental human rights precepts and national security interests.