This year, New York Comptroller Thomas DiNapoli, who is responsible for the state's public pension, sued Qualcomm, seeking the wireless technology company's political spending records. The suit revealed a little known hypocrisy. Many public pension systems take on corporate boards as activist investors and push for sound governance, pay-for-performance standards and transparency. But when it comes to their own investing, public pension systems will go to great lengths to avoid public oversight.
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