There was a day when CalPERS, the big California state pension, was a feared force in the world of corporate governance. It wasn't afraid to take stands against companies that underperformed. Ending up on its watch list was never a comfortable place to be. With annual meeting season just ahead, the pension seems to be reasserting itself. And Sarbanes-Oxley-friendly advocates are certainly cheering.

The fund will work with other pensions to fight for "greater openness in the way companies are run, tougher regulation by federal agencies, stricter rules on investment-rating groups and better international financial oversight," according to media reports. It will be interesting to see which companies it decides to take on first. Financial services might be a good bet. 

For more:
- here's a Reuters article [1]

Related Articles:
CalPERS news from FierceFinance [2]