Keith Bishop reports, CalPERS’ 3D Advisory Committee May Be Appointed Soon « California Corporate & Securities Law. I don’t know what the application process is or if it is by invitation only but Mr. Bishop would be an excellent addition to the Committee.
Yes, a significant portion of the members should be drawn from those with board experience, especially those who have been nominated by shareowners. Such members will be in a good position to assess the skills needed to be a “dissident” directors who can not only best convey the wishes of shareowners but who can also work with existing board members.
However, Mr. Bishop would bring important experience from Senate Commission on Corporate Governance, Shareholder Rights and Securities Transactions, California Commissioner of Corporations and Interim Savings & Loan Commissioner, and other positions. Perhaps even more importantly, Bishop has been a strong advocate of transparency at CalPERS, as well as filing petitions with the Office of Administrative Law to ensure CalPERS follows legal requirements when promulgating regulations.
Bishop’s influence might reduce demand by the US Chamber of Commerce and perhaps others for SEC regulations covering the governance of such committees by taking the process out of the shadows, while ensuring candidates have the necessary skills, experience, and background to enhance long‐term sustainable value creation at companies where 3D candidates win board seats.