As I reported in this post from last November, the California Public Employees Retirement System has reworked its Focus List program. According to this flow chart published by CalPERS, the staff should have now completed its review of the top 500 U.S. based companies and selected 5-10 companies for what CalPERS calls “engagement”.

CalPERS’ revamped Focus List process raises significant concerns for those who value open government and transparency. In California, state agencies are subject to the Bagley-Keene Open Meeting Act. The Legislature has expressed the purpose of the Bagley-Keene Act as follows...