In an open letter released today, CalPERS Chief Executive Officer Anne Stausboll says she's sorry that recent revelations of alleged wrongdoings by high-ranking former fund officials has put a cloud over the organization's integrity.
"Still, I believe, as does our Board, that the public airing of this sorry episode is an integral part of moving forward, and I commit that CalPERS will continue to face these issues and squarely take meaningful action to ensure that they do not happen again," Stausboll says in the letter published on CalPERS' website.
CalPERS' former CEO, three former board members, a former investment officer have been tied to a bribery scandal revolving around "placement agent" Alfred Villalobos, also a former board member.
The fund commissioned an investigation and then made the findings public. Philip Khinda, the lawyer who looked into the scandal, held back some of his information at the request of law enforcement agencies that may soon press criminal charges.