US – The board of administration of CalPERS, the California Public Employees Retirement System, has elected Sean Harrigan as its president and Rob Feckner as vice president for 2003.

Harrigan replaces William Crist who did not seek re-election to the board. Prior to being appointed as president, Harrigan was a member of the state personnel board and has been its representative to the CalPERS board since 1999. He has also served as vice chair of the investment committee and as a member of the benefits and programme administration and health benefits committees.

Harrigan’s duties will be to oversee the board’s conduct of business, ensure that members actions are consistent with legal and procedure policies, set meeting agendas, and represent CalPERS to outside parties.

Feckner will assume these duties in the president’s absence. He replaces Robert Carlson as vice president, who will continue to represent retired members. Feckner joined the board in 1999, and has served as chairman of the health benefits committee.

Commenting on his plans for the retirement scheme, Harrigan said: “My two primary priorities are restraining health care costs and improving our investment performance. Corporate governance is a huge opportunity for us. This board has been involved in corporate governance issues for decades, and will continue to press on.”

As of October 2002, CalPERS, had 132.6 billion dollars(122.9 billion euros) in assets under management.

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