CalSTRS wants Facebook board to expand, add women

Reuters reports that the California State Teachers' Retirement System, the second-largest largest pension fund in the United States, wants Facebook to expand its board of directors and diversify a panel that has no women.

"We are disappointed that the Facebook board will not have any women members," CalSTRS corporate governance director Anne Sheehan wrote in a letter to Facebook founder and Chief Executive Mark Zuckerberg Tuesday. "We believe that investors and the company would benefit from a larger, more diverse board."

CalSTRS, which managed $150 billion in assets on February 2, said it held Facebook stakes through its private equity investments and expects to be a common stock holder when the social media company goes public later this year.

Sheehan in the letter urged Facebook to add new board members before the initial public offering. CalSTRS officials told Reuters on Monday that it was planning to engage with Facebook over its corporate governance concerns….

Read more at http://www.reuters.com/article/2012/02/08/us-facebook-calstrs-idUSTRE81703H20120208